Bridgewood-NorthLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $7.08 million loan refinancing for Bridgewood North Apartments, a 126-unit market-rate apartment community in Fresno, California.
Love Funding Senior Director Artin Anvar of the Washington D.C. office secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The program allows the refinancing of debt on existing multifamily properties originally funded through conventional or FHA-insured mortgages, as long as they do not require substantial rehabilitation.

The refinancing will help the ownership group – Barsten Properties LLC – lock in a low, fixed interest rate over a 35-year term and fund more than $500,000 in repairs that qualify under the 223(f) program. Barsten Properties is owned by Steven Bram and his family. They purchased the property in 2004. Bram is president and cofounder of George Smith Partners, Inc., the Los Angeles-based real estate investment banking firm that placed the new loan. In his 25 years with the firm, Bram has arranged more than $2.5 billion of financing in over 150 transactions.
“This was my first loan transaction with HUD and I was very concerned about the process,” Bram said. “But Artin explained the process and kept met informed of the status, and the transaction took a lot less time than I expected. I would definitely recommend Artin and Love Funding to anyone who needs a HUD loan.”
For more information, contact Artin Anvar at (202) 887-0435.