Love Funding arranged a $7.9 million loan for the construction and permanent financing of Carrino Plaza Apartments, a new apartment community built with modular units in Newark, NJ.
Carrino Plaza Apartments was one of the first modular construction projects to be approved under HUD’s 221(d)(4) loan program. Modular construction not only decreases overall construction costs but also produces reliable, high-quality multifamily developments. To learn more about the pros and cons of modular construction with HUD financing, click here to read our feature article.
A new affordable and special needs community, Carrino Plaza Apartments will offer 60 one-, two- and three-bedroom units in one mid-rise building located in the North Ward of Newark, NJ. In addition to three multifamily floors, the property will contain partial ground-floor commercial space. Additionally, 49 of the residential units will be restricted to those earning less than 60 percent of the area median income under the Low-Income Housing Tax Credit program, and 10 rental-assistance units will be reserved for residents who receive mental health services.
“With Love Funding’s expert help, understanding and coordination with HUD, we were able to get this difficult modular construction development through the HUD process,” said Larry Regan, President of Regan Development Corporation. “Without Love Funding, we probably wouldn’t have been able to proceed, so we’re thankful and we look forward to a long relationship as our lender and many more projects together.”
The development is being led by Resetarits Construction Corporation. Carrino Plaza Apartments was designed by the Jose Carballo Architectural Group, manufactured by modular construction firm Signature Custom Homes and managed by Interstate Realty Management Co. Utilizing Signature’s expertise in modular design enabled the borrower to realize substantial cost savings while still providing a high-quality product.
If you are interested in learning more about this project or Love Funding’s modular construction experience, contact one of our experienced originators.