Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $26 million loan refinancing for Concordia on the Lake, a market-rate, age-restricted apartment community in Littleton, Colorado.
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 223(f) loan insurance program. Using the program enabled the borrower to lock in a low, fixed interest rate over a 35-year term and fund the replacement reserve.
The subject, which is adjacent to Johnson Lake, is an age-restricted property consisting of two adjacent senior apartment communities known as Concordia on the Lake and The Cottages at Concordia. Concordia on the Lake was built in 2001 with financing secured through HUD’s 221(d)(4) loan insurance program. Cottages on the Lake was built in 2008 and consists of 10 one-story duplex and triplex buildings. All told, the property has 217 units offered at market-rate rents.
For more information, contact Leonard Lucas.