October 17, 2014
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $6.16 million loan refinancing for Briarfield at Ashley Circle, a 98-bed skilled nursing facility in Austintown, Ohio.
Senior Director Robert Smallwood of Love Funding’s Cleveland office secured a 35-year loan term, lowered the interest rate, and increased debt service savings for the property’s owners through the U.S. Department of Housing and Urban Development’s 232/223(f) program.
Briarfield at Ashley Circle was built in 1980 and is owned by Ed and Diane Reese. Mr. Reese is chief executive officer of EDM Management Inc., which manages the facility. Mrs. Reese is the company’s president. The couple manages four other projects in Ohio: The Inn at Ironwood, The Inn at Glenellen, The Inn at Christine Valley and Briarfield Manor Skilled Nursing Facility. The refinancing will enable the Reeses to utilize new local conventional debt for acquisitions and/or new construction financing.
For more information, contact Robert Smallwood at (216) 583-0791.
October 14, 2014
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of two loans totaling $5.19 million under a new federal program for refinancing affordable rental properties that are backed by low-income housing tax credits (LIHTCs).
The two properties involved are Todd Creek Apartments, a 150-unit community in Memphis, Tennessee, and Royal Arms Apartments, a 48-unit community in Elkton, Kentucky. Todd Creek is a Section 8 property that was built in 1974 and substantially renovated in 2012 using LIHTCs and a HOME Loan through the City of Memphis. Royal Arms is a Section 8 and LIHTC apartment project that was built in 1980 and will use the funds to undergo rehabilitation.
October 14, 2014
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the refinancing of Knoxville, Tennessee’s Meadowood Apartments and Sutters Mill Apartments, market-rate multifamily rental communities owned and managed by the same realty group.
Senior Director Tammy Tate of Love Funding’s Knoxville office secured a 35-year loan term, lowered the interest rate, and increased debt service savings for each project using the U.S. Department of Housing and Urban Development’s 223(a)(7) program.
October 10, 2014
Love Funding Senior Director Laura Saull-Smith and Director Ann Bolen will be exhibiting at the 2014 Virginia Governor’s Housing Conference October 29-31 in Norfolk, VA. Stop by our booth to discuss the many finning options available through FHA’s affordable housing finance programs with Laura and Ann.
October 9, 2014
Senior Director Holly Bray will be attending the Maryland Affordable Housing Coalition Annual Meeting on October 27, 2014 in Baltimore, MD.