Artin Anvar of Love Funding Secures $9.94 Million Loan Refinancing for Airpark Apartments in Gaithersburg, Maryland

||Artin Anvar of Love Funding Secures $9.94 Million Loan Refinancing for Airpark Apartments in Gaithersburg, Maryland

AirparkAirparkAirparkLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $9.94 million loan refinancing for Airpark Apartments, a 108-unit Section 8 apartment community in Gaithersburg, Maryland.
 
Love Funding Senior Director Artin Anvar of the Washington D.C. office secured the loan through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan insurance program, which allows for the streamlined refinance of existing FHA-insured apartment properties.

Airpark Apartments was built in 2008 with financing obtained through HUD’s Section 221(d)(4) loan insurance program for the new construction or substantial rehabilitation of apartment properties. Refinancing the debt using the 223(a)(7) program enabled the borrower to obtain a lower interest rate and extend the loan term back to its original 40 years, generating more than $100,000 in annual debt service savings.
 
The refinance will help preserve affordable apartment units in the District of Columbia suburb of Montgomery County, Maryland, a market suffering from an acute housing shortage for lower-income families. According to some estimates, Montgomery County will need to add as many as 50,000 more housing units over the next decade for families making $100,000 a year or less, with more than half of those units accommodating families that earn less than $50,000 a year.
 
For more information, contact Artin Anvar at (202) 887-0435.

2014-02-11T18:09:28+00:00 Love Funding News|