Love 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.
Elgin Mayor David Kaptain is among those who recognize the value the Central Park Towers renovations will bring to seniors in the local community. He joined HUD Midwest Regional Administrator Antonio Riley, Housing Authority of Elgin President and CEO Damon Duncan, other city officials, Central Park tenants and representatives from Love Funding in celebrating the project’s future transformation at a recent groundbreaking. A shining example of public and private partnership done right, we have little doubt that Central Park Towers will be the first of many successful, transformative projects undertaken through the RAD program.