Love Funding News

Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $3.63 million loan refinancing for Broadmeadow Place Apartments, a 148-unit Section 8 apartment community in Covington, Tennessee.
 
Love Funding Senior Director William E. Jones Jr. and Director Christopher Schilling of the New York office secured the financing through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan program. Using the program enabled the property’s owners to reduce the interest rate and extend the loan back to a 32-year term, generating more than $200,000 in annual debt service savings. The refinancing will also increase the property’s replacement reserve escrow by 75%.
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CUMBERLAND, MD — Love Funding announced the closing of a $9.22 million loan refinancing for Allegany Health Nursing and Rehabilitation Center.

Love Funding senior director Laura Saull-Smith of the Washington office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program. Using the program enabled Saull-Smith to lock in a low fixed interest rate over a 35-year term.

HUD’s 232/223(f) loan insurance program allows for the purchase or refinance of senior housing properties that are at least three years old and have not undergone any substantial rehabilitation in the last three years.
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Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of an $11.4 million loan refinancing for Willow Springs Apartments, a 154-unit market-rate apartment community in Puyallup, Washington.
 
Love Funding Director Artin Anvar of the Washington office secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan program, which allows for the purchase or refinancing of existing multifamily rental housing.
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Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of loan refinancings totaling $11 million for two garden style apartment communities in Baltimore, Maryland.
 
The properties are Orchard Gardens Apartments and Woodland Street Apartments, which contain 198 units and 128 units, respectively. Both communities were built in 1978 by the same ownership group. They were constructed under Section 236 of the National Housing Act, which provides housing to low and moderate-income families, subject to regulation by HUD.
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Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $2.73 million loan refinancing for Rockwood Apartments, a 34-unit duplex community in Farmington, Missouri.
 
Love Funding Senior Director Robyn Cunningham of the St. Louis office secured the financing through U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Using the program enabled the property owner to lock in a low, fixed interest rate over a 35-year term. The transaction is the fourth loan Cunningham has executed for the same borrower.
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Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $9.22 million loan refinancing for Allegany Health Nursing and Rehabilitation Center in Cumberland, Maryland.
 
Love Funding Senior Director Laura Saull-Smith of the Washington office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program. Using the program enabled Saull-Smith to lock in a low fixed interest rate over a 35-year term.
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Love Funding, Washington, D.C., refinanced apartment and assisted living communities in Massachusetts and Ohio totaling $15 million.

The firm closed a $6.56 million loan through HUD’s 223(a)(7) loan program for borrower Snow Asset Management, Watermill, N.Y., to refinance the Brandywine at Amherst Apartments, a 180-unit Amherst, Mass., rental community. The 223(a)(7) refinancing program for existing FHA-insured apartments allows an additional 12 years on the remaining term of the existing loan, as long as it does not exceed the original term.

Laura Saull-Smith, senior director at Love Funding, said the refinancing let Snow “lock in a low fixed interest rate and extend the loan back to its original 35-year term, generating more than $90,000 in annual debt service savings.” Saull-Smith said Love Funding refinanced the property for Snow twice before.

Love Funding’s Columbus, Ohio office also closed a $5 million loan through HUD’s 232/223(f) program for borrower Vrable Healthcare to refinance Heritage Manor Skilled Nursing and Rehabilitation Center in Minster, Ohio, a 61-unit nursing facility.
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Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced that it is one of a select number of lenders approved to participate in a new housing tax credit pilot program run by the U.S. Department of Housing and Urban Development’s Federal Housing Administration.

The program will test an accelerated approval process for the purchase or refinancing of multifamily rental properties that will undergo moderate rehabilitation and re-syndicate Low-Income Housing Tax Credits (LIHTCs). The program will also finance housing with 90% or more project-based rental assistance in need of moderate rehabilitation. Love Funding will now be able to offer its clients fast-track processing for such loans in the Chicago, Detroit, Boston and Los Angeles hubs. FHA’s Office of Multifamily Housing Programs believes it can reduce the time needed to review and approve applications from about one year to as little as 90 days.
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Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $5.02 million loan refinancing for Heritage Manor Skilled Nursing and Rehabilitation Center in Minster, Ohio.
 
Love Funding Senior Director Robert L. Smallwood of the Cleveland office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program. Using the program enabled Smallwood to lock in a low fixed interest rate over a 33-year term, generating approximately $215,000 of additional cash flow each year, plus $215,000 for repairs and replacement reserves.
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During our annual meeting in New Orleans last week, Love Funding partnered with Hike for KaTREEna, an organization dedicated to replanting the many trees lost due to Hurricane Katrina and the levee failures in Greater New Orleans.

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Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $6.56 million loan refinancing for Brandywine at Amherst Apartments, a 180-unit apartment complex in Amherst, Massachusetts.
 
Love Funding Senior Director Laura Saull-Smith of the Washington office secured the loan through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan program. Using the program enabled Saull-Smith to lock in a low fixed interest rate and extend the loan back to its original 35-year term, generating more than $90,000 of annual debt service savings.
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Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $4.01 million loan refinancing for Compass on the Bay, a Boston-based assisting living facility.
 
Love Funding Senior Director Leonard A. Lucas of the Boston office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) loan program, which covers the refinancing of existing HUD-insured healthcare facilities. The program enabled the borrower to lock in a low, fixed interest rate, generating approximately $69,000 of annual debt service savings.
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Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $4.05 million loan refinancing for Parkway Court Apartments, a 116-unit apartment complex in Normal, Illinois.
 
Love Funding Senior Director Jon Wagenknecht of the Chicago office secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan program. Using the program, which insures lenders against loss on debt secured for multifamily rental housing, helped the borrower obtain a low, fixed interest rate for a 35-year term, generating more than $125,000 in annual interest expense savings.
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Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $5.62 million loan refinancing for Mayfair Apartments, a 134-unit apartment community in Milwaukee, Wisconsin.
 
Love Funding Senior Director Jon Wagenknecht of the Chicago office secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan program. Using the program, which insures lenders against loss on debt secured for multifamily rental housing, enabled the borrower obtain a low, fixed interest rate for a 35-year term, generating more than $100,000 in annual interest expense savings.
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Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $14.5 million loan for the construction and permanent financing of The Boulevard, a planned market-rate apartment complex in San Angelo, Texas.
 
Love Funding Director Chad Ricks of the Dallas office secured the loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Utilizing the program enabled the property’s owner to obtain a fully amortizing loan with a low fixed interest rate for the initial 16-month construction period followed by a 40-year term.
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Originator: Holly Bray

Challenge: The major impetus for this Section 223(f) refinancing was to extract sufficient savings to cover a $1.3 million roof replacement, a borrower-elected upgrade. The closing of the loan was scheduled during the winter season, which would have postponed the repairs for a number of months.

Solution: Bray added the roof replacement project to the Project Capital Needs Assessment (PCNA) during processing, allowing the client to perform the repairs in the fall season when the weather was conducive. The replacement costs were recouped when the refinancing closed in February.

Deal Insider provides insights into Love Funding’s recent loan closings, with an emphasis on how the originator helped the client address a specific challenge.

Love Funding, Washington, D.C., refinanced multifamily communities in Georgia, Washington State and Wisconsin totaling $31 million.

The firm closed a $19.8 million loan through HUD’s 223(f) loan insurance program to refinance Manchester Oaks Apartments, a 256-unit market-rate apartment community in Franklin, Wis.

Holly Bray, senior director at Love Funding, said the transaction will allow the owners to pull out sufficient funds to cover a $1.3 million roof replacement and other property improvements.
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Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $5.67 million loan refinancing for Residence at Mill Creek, a 48-unit apartment community in Geneva, Illinois, that is owned by the Shodeen family.

Love Funding Senior Director Jon Wagenknecht of the Chicago office secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan program. Using the program, which insures lenders against loss on debt secured for multifamily rental housing, helped Wagenknecht provide a low interest rate for a 35-year term, generating more than $125,000 in annual interest expense savings.
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Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $3.91 million loan refinancing for Center West Villas, a 160-unit market-rate apartment community in Augusta, Georgia.

Love Funding Senior Director William E. Jones, Jr. of the New York office secured the financing through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan program. Using the program enabled the property’s owner to reduce the interest rate and extend the loan back to its original 35-year term, generating more than $43,000 in annual debt service savings. The refinancing will also help increase the property’s reserve fund by about $153,000 and pay for about $125,000 in needed repairs.
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