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Love Funding Closes $6.16 Million Refinancing for Skilled Nursing Facility in Austintown, Ohio

October 17, 2014

Briarfield-Ashley-CircleLove 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.

Love Funding Secures $5.19 Million in Loans for Low-Income Housing Apartment Communities in Tennessee and Kentucky

October 14, 2014

Royal ArmsLove 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.
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Love Funding Secures Refinancing Loans Totaling $10.9 Million for Apartment Communities in Knoxville, Tennessee

October 14, 2014

Meadowood-ApartmentsLove 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.
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VA Governor’s Housing Conference

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.

MAHC Annual Meeting

October 9, 2014

Senior Director Holly Bray will be attending the Maryland Affordable Housing Coalition Annual Meeting on October 27, 2014 in Baltimore, MD.

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Calendar

NAHC Annual Meeting

Senior Director Hugh Jeffers will be speaking on a panel at the National Association of Housing Cooperatives’ 54th Annual Conference October 15-18 in St. Thomas, USVI. Hugh will be speaking during two educational sessions. The first on October 16 at 3:45 entitled, ‘Financial Tools for Cooperatives’ and the second, a panel on cooperative funding, will […]

NYSAFAH Upstate

Director Christopher Schilling will be attending the New York State Association for Affordable Housing Upstate Conference October 22 in Verona, NY. Stop by the Love Funding booth to meet our affordable housing finance team and discuss your financing needs.

MAHC Annual Meeting

Senior Director Holly Bray will be attending the Maryland Affordable Housing Coalition Annual Meeting on October 27, 2014 in Baltimore, MD.

VA Governor’s Housing Conference

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.

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