Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $24.7 million loan refinancing for Prairie Vista Apartments, a market-rate apartment community in Peoria, Illinois.
Love Funding Midwest Regional Director Bruce Gerhart secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan program. The program permits the refinancing of debt on existing multifamily properties originally funded through conventional or FHA-insured mortgages. The transaction will allow the property’s owners to lock in a low, fixed-rate loan with a 35-year term, and pay off three existing construction loans used to build the property from 2006 to 2009.
The community consists of 38 two-story buildings totaling 304 one- and two-bedroom garden-style units, four buildings containing 48 garage units, a clubhouse/community room, a fitness center, courtyard and a swimming pool.
For more information, contact Bruce Gerhart at (216) 583-0812.