Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $26.7 million loan refinancing for Brenneman Farm Apartments, a 304-unit apartment community in Virginia Beach, Virginia.
Love Funding Director Joshua Hausfeld of the Washington office secured the financing through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan program. The program allowed Hausfeld to add back five years to the term of the loan, bringing it back to its original 40-year term. The combination of the longer loan term and a lower interest rate helped generate nearly $375,000 in annual debt service savings for the borrower, Brenneman Farm Apartments LLC.

Brenneman Farms was built in 2006 with financing obtained through HUD’s 221(d)(4) program for new multifamily construction projects. The ownership group spent more than $350,000 over the past two years on capital improvements, including appliances upgrades, carpets, vinyl flooring and fencing.
In addition, Hausfeld helped the borrower and the management agent, S.L. Nusbaum Realty Co., complete required Uniform Federal Accessibility Standards (UFAS) repairs that were not completed when the building was constructed. All parties worked diligently to ensure that these critical repairs were done in accordance with the latest federal housing codes and under budget.
For more information, contact Joshua Hausfeld.