Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $7.33 million loan refinancing for Aspen Village Apartments, a 180-unit market-rate apartment community in Pullman, Washington.
Love Funding Director Brian Robertson of the St. Louis office secured the financing through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan program. Using the program enabled Robertson to lock in a low interest rate and extend the loan back to its original 39-year term, generating more than $238,000 in annual debt service savings.
The Aspen Village Apartments community was built in 2001 using financing secured through HUD’s 221(d)(4) loan program. The 223(a)(7) program allows up to 12 years to be added to the remaining term of existing HUD loans through refinancing, so long as the new term does not exceed the original term. The mortgagor of the property is Aspen Village LLC.
This is Robertson’s third closing in the last two months. Last month, he closed on two FHA refinancing transactions totaling $9.04 million for Rosemont Assisted Living Communities in Texas and Louisiana.