Love Funding closed $16.2 million loan for the substantial rehabilitation and conversion of two historic buildings in Davenport, Iowa into market-rate apartments. Gordon Van Tine Lofts will offer 113 one-, two- and three-bedroom lofts along with commercial space on the first floor of both buildings. The buildings, which are connected by a covered walkway, were built in the early 1900s and have been used as office and warehouse space. Project amenities will include a rooftop pool and observation deck, a fitness facility, a lounge/theater room, a multi-purpose room, and storage units. The existing buildings’ exterior, interior floors and roof structures will not be altered.
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Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of an $11.8 million loan for the conversion of a commercial high-rise building in downtown Montgomery, Alabama into market-rate loft apartments.

Historic Bells Lofts will offer 88 one- and two-bedroom apartments, along with 4,478 square feet of white box commercial space, in what was formerly known as the Bell Building. The 12-story high rise was the tallest in downtown Montgomery when it was built in 1907, with some aspects of the building inspired by Louis H. Sullivan’s Wainwright Building in St. Louis. The building was added to the National Register of Historic Places in 1981, and today sits across the street from the Rosa Parks Library and Museum. (more…)