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.
The permanent debt on the property was originally provided through HUD’s 223(f) program in 1994. It was later refinanced through the 223(a)(7) program in 2003. The program allows up to 12 years to be added to the remaining term on existing HUD-insured loans, as long as it does not exceed the original term.
For more information, contact William E. Jones, Jr.