Washington, DC – Dec. 1, 2011 – Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $5.76 million loan refinancing for Parkway Apartments, a 100-unit market-rate apartment complex in Elko, Nevada.
Love Funding Senior Vice President Harry Cheatham of the St. Louis office secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan program. Utilizing the program enabled the property’s owner to obtain a low interest rate, non-recourse loan with a 35-year term, and extract a substantial amount of cash equity out of the project.

The property’s owners will use a portion of the proceeds to fund about $150,000 in repairs. The complex, which includes 13 two-story walk-ups, was built in 1990 as a market-rate apartment project. The property’s debt was previously financed utilizing HUD’s 223(f) program in July 2004.
“Harry and the Love Funding team demonstrated an extraordinary level of competence and professionalism throughout the process,” said Randall Tolpinrud, president of Groupwest Properties Corp. “They made our satisfaction their top priority and they more than succeeded.”
This is the third 223(f) refinance Cheatham has secured for clients over the past month. In October, he arranged a $3 million refinancing for The Manor Apartments in Columbia, Missouri, and a $2.83 million refinancing for Vattier Apartments in Manhattan, Kansas.
For more information, contact Harry Cheatham.