Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $6.4 million loan refinancing for Stone Ridge Square Apartments, a 160-unit market-rate apartment community in Urbana, Illinois.
Love Funding Senior Director Robyn Cunningham of the St. Louis office secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan program. Using the program enabled the property’s owner to lock in a low, fixed interest rate over a 35-year term and withdraw enough equity from the project to recoup roughly $500,000 in property improvements that were needed when they purchased it in April 2008.

Stone Ridge Square, which was built in 1997, is a garden-style apartment community consisting of one-, two- and three-bedroom units.
For more information, contact Robyn Cunningham.