Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $12.5 million loan refinancing for Covington Court Apartments, a 208-unit apartment community in St. Charles, Illinois, that was completed in 1989.
Love Funding Senior Director Jon Wagenknecht of the Chicago office secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan program. Using the program, which insures lenders against loss on debt secured for multifamily rental housing, helped Wagenknecht provide a low interest rate for a 35-year term, generating approximately $375,000 in annual interest expense savings.
Covington Court Apartments is one of six multifamily properties owned by Shodeen interests in the Tri-City area of Illinois, comprised of Geneva, St. Charles and Batavia. Kent Shodeen, the original developer of the subject property, started his group of companies in 1961 and has built them into one of the largest developers and managers of retail, office, multifamily and residential properties in the Fox Valley area.