Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $12.1 million loan refinancing for La Borgata Apartments, a market-rate apartment community in Surprise, Arizona.
Love Funding Director Artin Anvar of the Washington office secured the financing through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan program. Using the program enabled the property’s owner to lock in a low, fixed interest rate and extend the loan term by five years, generating nearly $200,000 in annual debt service savings.

La Borgata was built in 2007 with financing secured through HUD’s 221(d)(4) loan insurance program for new multifamily construction projects. The 223(a)(7) program allows up to 12 years to be added to the remaining term on existing HUD-insured loans, as long as it does not exceed the original term.
The property consists of 142 market-rate apartment units in a range of configurations, from one-bedroom/one-bathroom to three-bedrooms/two baths. The mortgagor is Retreat at West Point Multi-Family LP, and the property manager is MEB Management Services.
For more information, contact Artin Anvar.