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Central Park Towers Groundbreaking

February 3, 2015

Love_Funding_Central_Park_TowersLove Funding is proud to be deeply involved with the RAD program, with several transactions now behind us and more headed to the closing table. One of our recent deals – Central Park Towers in Elgin, Illinois – was particularly transformative. The financing enabled the Housing Authority of Elgin to both substantially renovate the project’s existing 11-story building and construct a new six-story structure on an adjacent lot. The total budget was over $33 million, which included a $6.7 million HUD 221(d)(4) mortgage.
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NIC Capital & Business Strategies Forum

January 29, 2015

Love Funding will be sponsoring the 2015 NIC Capital & Business Strategies Forum March 31-April 2 in San Diego, CA. Stop by our meeting room Aqua 311 A (3rd floor) to meet Senior Directors Leonard A. Lucas, Laura Saull-Smith and Bob Smallwood and discuss how we can best serve your seniors housing and healthcare financing needs.

Join Len on Tuesday, March 31 from 3:30 to 4:30 or on Wednesday, April 1 from 4:15 to 5:15 at NIC’s new Capital Connections Program. Len will be speaking with the Mortgage & Business Loans group on financing options for your facility.

Love Funding’s Artin Anvar Secures $13.6 Million HUD Refinancing Loan for Multifamily Affordable Senior Living Facility in Los Angeles

January 28, 2015

Sunset-Normandie-TowersLove Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $13.6 million refinancing loan for Sunset Normandie Towers, a 148-unit Section 8 senior living facility in Los Angeles, California.

The financing was secured by Senior Director Artin Anvar of Love Funding’s Washington, D.C. office through the U.S. Department of Housing and Urban Development’s Section 223(f) loan insurance program. Using the program enabled the borrower to lock in a low, fixed interest rate and allowed Sunset Normandie to take a significant amount of equity from the loan.
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RAD Program Updates

January 28, 2015

The HUD Rental Assistance Demonstration (RAD) program is entering its second major phase with a full head of steam. The program’s initial cap of 60,000 units has tripled and now sits at 185,000. What’s more, the proposed 2015-16 federal budget would impose no limit at all on the program going forward.

The rising popularity of the program speaks to its effectiveness as a means of converting the public housing stock of this country to private ownership. The driver is the program’s design: Allowing existing subsidies the projects are receiving through housing authority budgets to be transferred to direct rent payments. This enables private investors to take part in recapitalizing and modernizing the rental housing inventory by partnering with PHAs. They can finance the improvements with market rate debt, Low Income Housing Tax Credits (LIHTC), and/or other state or local subsidies when they are made available.

In addition, the cost of that capital is particularly enticing. The market rate financing is most often insured with FHA multifamily mortgage insurance, which results in very low interest rates. This incentivizes investors to borrow as much as they can to maximize the repairs and improvements and boost their own returns.

MHC Annual Meeting & Spring Conference

January 25, 2015

Midwest Regional Director Bruce P. Gerhart will be attending the Michigan Housing Council’s Annual Meeting & Spring Conference March 18, 2015 in East Lansing, MI.

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Calendar

ELA Annual Conference

Love Funding will be sponsoring the Eastern Lenders Association Annual Conference March 9-11 in Baltimore, MD.

NIC Capital & Business Strategies Forum

Love Funding will be sponsoring the 2015 NIC Capital & Business Strategies Forum March 31-April 2 in San Diego, CA. Stop by our meeting room Aqua 311 A (3rd floor) to meet Senior Directors Leonard A. Lucas, Laura Saull-Smith and Bob Smallwood and discuss how we can best serve your seniors housing and healthcare financing needs. Join Len on Tuesday, March […]

AHCA Independent Owner Leadership Conference

Senior Director Laura Saull-Smith will be attending the AHCA Independent Owner Leadership Conference March 11-13, 2015 in Ft Lauderdale, FL. Contact Laura today to set up a meeting or look for her at the conference to discuss your healthcare facility’s financing needs.

MFE Leadership Summit

Senior Director Peter Wessel and Director Adrian Hartman will be sponsoring the 2015 MFE Leadership Summit March 12-14 in Vail, CO. Look for Peter and Adrian on the slopes in Vail or contact them today to set up a meeting to discuss how we can best serve your multifamily financing needs. Contact Peter | Contact Adrian

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