Congress authorized the Rental Assistance Demonstration (RAD) program to address the daunting backlog of capital repairs in the nation’s public housing stock and to stem the loss of affordable units. PHAs can now use RAD Component I to access private debt and equity to fund repairs and stabilize properties. In March, Congress expanded eligibility requirements under the RAD program and raised the unit cap.
Not too long ago, if you were to bring up modular construction, thoughts immediately went to a low quality, cheap, below standard product. But today the perception of modular construction is changing. (more…)
Borrowers seeking financing for multifamily properties, or properties with five or more units, may be eligible for a loan through HUD. HUD supports all types of multifamily financing, from acquisition, to refinance, to sub rehab and new construction. (more…)
Love Funding Secures $40.6 Million Loan for Construction of Upscale Apartment Community in Fort Myers, Florida
Love Funding closed a $40.6 million loan to the developer, Tampa-based Aileron Investment Management, for the construction and permanent financing of Grand Central Apartments, an upscale market-rate multifamily community in Fort Myers, Florida.
Grand Central Apartments will consist of two four-story elevator buildings and two three-story walk-up buildings, comprised of 280 one- and two-bedroom luxury-appointed units and high-end community amenities. The property is located within the Cleveland Avenue Redevelopment Area, which the city has targeted for commercial and mixed-use development. (more…)
Love Funding Secures $26.3 Million Loan for Construction of Market Rate Apartment Community in Waxahachie, TX
Love Funding closed a $26.3 million loan for the construction and permanent financing of Garden Valley Apartments, a market-rate multifamily community in Waxahachie, Texas, a suburb of Dallas. Garden Valley will consist of eight three-story walk-up buildings with 213 one- and two-bedroom units and high-end finishes and amenities including a resort-style pool and attached garages. The project design received a Statement of Energy Design Intent (SEDI) score of 90 out of 100 and will meet the Green MIP requirements through the National Green Building Standard Program, affording the project the benefit of the lower mortgage insurance premium rate of 25 basis points. (more…)
Are you considering a refinance of your multifamily loan?
If so, you’ve come to the right place! We have taken a look at two of our most popular multifamily refinance options: an interest rate reduction and FHA 223(a)(7). Each product has specific guidelines, but a simple comparison is below. For a more in depth analysis of these programs, click here.
Love Funding is proud to be your FHA finance expert. Please don’t hesitate to contact a member of our team to see if these programs could work for you. (more…)
Do you have a HUD loan with a high interest rate? If so, you might consider taking advantage of the current market rates and refinancing your multifamily loan. While weighing this decision, it’s helpful to work with a knowledgeable team of mortgage experts and trusted financial advisors who can guide you in your decision-making process. (more…)
Love Funding closed a $7 million loan for the refinance and rehabilitation of Central Towers Apartments, an affordable senior community in southwest Detroit, Michigan. Central Towers consists of 232 one-bedroom and two-bedroom apartments in two high-rise buildings. All but two of the units are currently covered by a Section 8 housing assistance payment (HAP) to help subsidize rents, and the borrower renewed their Section 8 contract as part of the transaction. The two remaining units are low-income housing tax credits (LIHTC) restricted at 60 percent AMI. (more…)