Join Love Funding Senior Director of Hospital Finance Steven Hunt at the annual Region V Dixie Institute in Greensboro, GA, held February 21-24, 2012 at the Ritz Carlton Lodge Lake Oconee.
Love Funding Arranges $12.5 Million Loan Refinancing for Covington Court Apartments in St. Charles, Illinois
January 30, 2012
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.
FHA Streamlines Approvals, While Toughening Up on Large Loans
January 27, 2012
The Federal Housing Administration (FHA) recently greased the wheels on its notoriously slow approval process, and the move is already paying dividends.
At the end of December, the FHA issued new rules regarding which loans need to go through regional and national loan committees—a time-consuming process which has gummed up the agency’s bottlenecked pipeline.
In the past, market-rate construction/rehabilitation loans of at least $15 million, or any deal of more than 150 units, had to go through the FHA’s National Loan Committee. That threshold has been dialed up to $25 million, or 250 units. What’s more, any existing FHA-insured loan looking to refinance through the Sec. 223(a)(7) program no longer needs to go through either the regional or the national loan committee.
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Love Funding Secures $1.1 Million in FHA Financing for Chenana Apartments in Fairbanks, Alaska
January 27, 2012
Love Funding, one of the nation’s leading providers of multifamily housing loans, announced the closing of an $1.1 million loan refinancing for Chenana Apartments, a 52-unit fully subsidized affordable apartment community in Fairbanks, Alaska.
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ULI Southeast Florida Economic & Development Outlook Program
January 25, 2012
Carolyn Whatley of Love Funding will be attending the 2012 ULI Southeast Florida Economic & Development Outlook Program held Wednesday, February 1st, in Gulfstream Park, FL.