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News & Events - Love Funding

Historic Lofts in Cleveland a Reward for Persistent Developers

February 8, 2017

By Brad Stanhope
February 8, 2017

Planning for the West 25th Street Lofts, an 83-luxury apartment complex with a commercial component, began in 2008. It is open, thanks in large part to state and federal historic tax credit (HTC) equity and a HUD 221(d)(4) loan guarantee. Those financial tools helped overcome the Great Recession, a landmark historic tax credit ruling and other issues faced by the developers in the now-chic Ohio City neighborhood.

The building has 83 historic apartment lofts with modern amenities. “It’s good to see it come to fruition and see the way you envisioned things do in fact materialize,” said Rick Foran, the owner of Foran Group Development and co-developer with Chris Smythe of Smythe Property Advisors. “It’s as good as we thought and maybe better.”

Continued…

NIC Spring Conference

February 5, 2017

Love Funding healthcare finance experts Leonard A. Lucas and Kate Murray will be sponsoring the upcoming NIC Spring Investment Forum March 22-24 in San Diego, CA. Contact us today to schedule a meeting in Love Funding’s meeting room (Cobalt 502B).

Love Funding Secures $4.6 Million Loan to Refinance Assisted Living and Memory Care Facility in Lapeer, Michigan

February 1, 2017

Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $4.6 million loan to refinance Devonshire Retirement Village, a 40-bed assisted living and memory care center in Lapeer, Michigan.

Love Funding Midwest Regional Director Bruce Gerhart secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan insurance program. The non-recourse nature of the program enables borrowers to obtain low-rate financing for up to 35 years for the purchase or refinance of existing long-term healthcare facilities.

Continued…

Love Funding Secures $4.7 Million Construction Loan for the Redevelopment of an Affordable Apartment Community in Detroit

February 1, 2017

Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $4.7 million loan to redevelop part of an affordable apartment community in Detroit in combination with equity provided by low-income housing tax credits (LIHTCs).

Oakman Townhomes will be built on a part of the site that currently houses Ryan Court Apartments, a garden-style apartment community that was built between 1947 and 1949. The new project, which will offer 72 units spread over five residential buildings and include a community building, will reserve at least 40 percent of the 72 units for tenants whose gross income does not exceed 60 percent of the median income for the area. All of the new units will be covered by a Section 8 housing assistance payment (HAP) contract that will help subsidize rents for a 20-year period.

Continued…

IHC Governor’s Housing Conference

February 1, 2017

Chicago-based Director David Hirsch will be exhibiting at the Illinois Housing Council’s Governor’s Housing Conference March 13-14, 2017. Stop by our booth to discuss your financing needs with Dave.

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MFE Leadership Summit

Join Senior Director Peter Wessel and Director Brian Robertson on the slopes in Vail! Love Funding will be sponsoring MFE’s Leadership Summit March 9-11, 2017 in Vail, CO. Contact Peter or Brian today to set up a meeting to learn more about the many financing solutions available through HUD for your multifamily properties.

IHC Governor’s Housing Conference

Chicago-based Director David Hirsch will be exhibiting at the Illinois Housing Council’s Governor’s Housing Conference March 13-14, 2017. Stop by our booth to discuss your financing needs with Dave.

NIC Spring Conference

Love Funding healthcare finance experts Leonard A. Lucas and Kate Murray will be sponsoring the upcoming NIC Spring Investment Forum March 22-24 in San Diego, CA. Contact us today to schedule a meeting in Love Funding’s meeting room (Cobalt 502B).

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