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Knowledge Center 2018-01-11T17:15:44+00:00

Colorado Market-Rate Apartment Construction

Love Funding closed a $13.7 million loan for the construction and permanent financing of the second phase of Outlook Ridge, a market-rate multifamily community in Pueblo, Colorado. The new construction will consist of five three-story garden style buildings joining five similar apartment buildings constructed during the first phase of development in 2014. The new buildings will house one-, two- and three-bedroom apartments, and all 10 buildings will share high-end community amenities.

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Affordable Housing Finance FAQ

Financing for affordable housing communities can get tricky. It oftentimes requires a combination of debt and equity sources and a complex analysis of available financing tools. Love Funding has done it all. Our team has extensive experience underwriting HUD-insured loans involving tax-exempt bonds, low-income housing tax credits (LIHTCs), historic tax credits, new market tax credits, Section 8 rental contracts and various government programs for subordinated loans or grants. Here our experts answer some of the most common affordable housing finance questions:

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Virginia Acquisition and Sub Rehab Loan

Love Funding closed a $15.9 million loan for the acquisition and substantial rehabilitation of Ivy Tower, an affordable multifamily community in Newport News, Virginia. Ivy Tower is a 12-story high-rise comprised of 92 one-bedroom and 48 two-bedroom units located in the East End neighborhood of Newport News, bordering the Chesapeake Bay. All 140 units will be restricted to those earning less than 60 percent of the area median income (AMI) under the Low-Income Housing Tax Credit (LIHTC) program. The project also benefits from a Housing Assistance Payments contract.

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Market-Rate Construction Bridge Loan

Love Funding closed a $22 million FHA bridge loan to build Preserve at Mountain Island, a new market-rate apartment complex in Charlotte, North Carolina. The new community will offer 240 one-, two- and three-bedroom units in 15 buildings in the northwest Charlotte suburb of Mountain Island. The area is named for a small island in Mountain Island Lake that once housed a cotton mill and now serves as a recreation and camping attraction. Preserve at Mountain Island will offer boat storage among other high end amenities.

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Bridge Financing for Memory Care Construction

Love Funding closed a $7.9 million bridge loan used to build a new 46-bed memory care center in Las Vegas. The new facility will be built adjacent to Welbrook Transitional Rehabilitation in the Centennial Hills neighborhood. The existing facility offers rehabilitation services and overnight care for those recovering from an injury, planned surgery or illness. The new facility will help the borrower meet the need for dedicated memory care, the largest growing segment of the senior care market.

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Director Lawrence Larisma Joins Love Funding

Love Funding welcomes Lawrence Larisma to the company as a director of loan originations. Mr. Larisma will be located in Charlotte, North Carolina. He brings to the firm nearly 20 years of experience in commercial real estate finance, most recently as a director at RED Capital Group in Charlotte. Mr. Larisma specializes in debt, equity and mezzanine financing for multifamily, senior housing and commercial real estate. He has originated and underwritten more than $1.3 billion in financing transactions.

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