Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $17.3 million loan refinancing for Ibis Trail at Covington, a 264-unit apartment complex in Covington, Louisiana.
Carolyn Whatley, Director of Love Funding’s Palm Beach office secured the financing through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan insurance program. Using the program enabled the borrower to reduce the interest rate and extend the loan term by eight years, producing annual debt service savings of more than $500,000.
Miami-based Ibis Trail at Covington LLC purchased the property in 2006 from the original HUD mortgagor. Since acquiring the project, the ownership group has spent nearly $500,000 on extensive repairs and capital improvements.
HUD kept the closing on track despite the fact that Hurricane Isaac forced the closure of their New Orleans office, where the closing package was being processed. HUD officials reassigned the closing to the Fort Worth office, which along with the New Orleans office “did a tremendous job facilitating the closing at the last minute,” according to Whatley. “This was an exemplary demonstration of teamwork by all parties involved.”
“Carolyn and the entire Love Funding team accomplished a ‘mission impossible’ during the Hurricane Isaac disruptions,” said Robert M. Anderson, controller of Astor Properties, the management agent. “The efforts that went into this financing were expertly orchestrated by the company.”
For more information, contact Carolyn Whatley.