Rockwood ApartmentsLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $2.73 million loan refinancing for Rockwood Apartments, a 34-unit duplex community in Farmington, Missouri.
Love Funding Senior Director Robyn Cunningham of the St. Louis office secured the financing through U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Using the program enabled the property owner to lock in a low, fixed interest rate over a 35-year term. The transaction is the fourth loan Cunningham has executed for the same borrower.

The 223(f) program provides non-recourse, assumable financing for the purchase or refinance of existing multifamily, affordable or age-restricted properties. While the program typically excludes properties built less than three years ago, Love Funding was able to obtain a waiver from the agency. The property was constructed between 2008 and 2009.
For more information, contact Robyn Cunningham.