Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $9.57 million loan refinancing for Barboro Flats, a 92-unit market-rate apartment building in Memphis, Tennessee.
Love Funding Senior Director William E. Jones Jr. and Director Christopher Schilling of the New York office secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan program. Utilizing the program enabled the borrower to refinance out of a short-term construction loan into a low interest rate, non-recourse loan with a 35-year term.

Barboro Flats, which also includes two ground-level commercial units, was completed in 2010. While HUD typically does not extend long-term financing for properties less than three years old, Love Funding was able to secure a waiver to the rule, in part because the borrower was unable to secure permanent financing in the private market.
This is the fourth HUD loan transaction Jones and Schilling have handled for Henry Turley, who is the key principal of the mortgagor and owns the management company. In late 2010, Love Funding refinanced the debt on three apartments in which Turley has an ownership stake. Those included Uptown Square Apartments, the former home of music legend Elvis Presley.
For more information, contact William E. Jones Jr. or Christopher Schilling.