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Knowledge Center 2017-10-19T20:56:45+00:00

Q3 2017 Reporting Reminder to Healthcare Borrowers

Attention Healthcare Operators! Q3 2017 financials due to Love Funding no later than November 29 On a quarterly basis, certified financial statements must be prepared by the CFO of the facility and submitted electronically to Love Funding at: financialstatements@lovefunding.com Certified statements can be produced to report monthly, quarterly or annual results and must be cumulative for the period covered. Note: Actual Number of Resident Days must be included. Questions? Contact Tina Pelton, Asset Manager at tpelton@lovefunding.com or (202) 591-3682    

Industry News|

Refinance Loan for Detroit Affordable Housing Community

Greenhouse Apartments | Detroit, MI Love Funding closed an $6.66 million loan for the refinancing and repair of Greenhouse Apartments, an affordable senior living community in Detroit. Greenhouse Apartments offers 208 age-restricted, one-bedroom units and one two-bedroom manager’s unit in a 10-story building. All of the age-restricted units are covered under a Section 8 HAP contract, and all 209 units are restricted under the Low Income Housing Tax Credit (LIHTC) program. The financing was secured by Love Funding Midwest Regional Director Bruce Gerhart through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan insurance program. This program allows for the refinancing of properties currently insured by FHA, as well as an extension of up to 12 years beyond the original mortgage term. The property was built in 1981 and was substantially renovated in 2008 with financing provided by the HUD 221(d)(4) program in conjunction with an award of low-income housing tax credits (LIHTCs). The current refinancing, which locks in a lower interest rate for a 40-year term, will generate significant debt service savings and fund necessary repairs. Greenhouse Apartments will remain under the management of KMG Prestige, a firm approved to manage HUD-affiliated communities. The ownership group of KMG has a combined 50 years of experience in the property management industry. For more information, contact Bruce Gerhart at (216) 583-0812.

Relevant Experience|

Refinance Loan for New Jersey ALF

Magnolia Gardens ALF | Toms River, NJ Love Funding closed an $8.05 million loan for the refinancing and repair of Magnolia Gardens Assisted Living Facility in Toms River, New Jersey. The financing was secured by Love Funding Senior Director Laura Saull-Smith through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) refinance loan insurance program. This program allows for the refinancing of properties currently insured by FHA, as well as an extension of up to 12 years beyond the original mortgage term. Magnolia Gardens Assisted Living Facility was previously refinanced in 2006 under HUD’s 232/223(f) loan program.

Relevant Experience|

Sub Rehab and Conversion to Market-Rate Apartments

Gordon Van Tine Lofts | Davenport, Iowa Love Funding closed $16.2 million loan for the substantial rehabilitation and conversion of two historic buildings in Davenport, Iowa into market-rate apartments. Gordon Van Tine Lofts will offer 113 one-, two- and three-bedroom lofts along with commercial space on the first floor of both buildings. The buildings, which are connected by a covered walkway, were built in the early 1900s and have been used as office and warehouse space. Project amenities will include a rooftop pool and observation deck, a fitness facility, a lounge/theater room, a multi-purpose room, and storage units. The existing buildings’ exterior, interior floors and roof structures will not be altered.

Relevant Experience|

Refinance and Rehab Loan for Orlando Affordable Housing

Orlando Cloisters | Orlando, FL Love Funding closed a $6.49 million loan for the refinance and rehabilitation of Orlando Cloisters, an age-restricted affordable community in Orlando, Florida. Orlando Cloisters is an 11-story building offering Section 8 efficiency and one-bedroom units to residents 62 years and older. The 101-unit community is located in a mixed-use neighborhood south of downtown Orlando.

Relevant Experience|

Sub Rehab Financing for Market-Rate Loft Apartments

Historic Bell Lofts Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of an $11.8 million loan for the conversion of a commercial high-rise building in downtown Montgomery, Alabama into market-rate loft apartments. Historic Bells Lofts will offer 88 one- and two-bedroom apartments, along with 4,478 square feet of white box commercial space, in what was formerly known as the Bell Building. The 12-story high rise was the tallest in downtown Montgomery when it was built in 1907, with some aspects of the building inspired by Louis H. Sullivan’s Wainwright Building in St. Louis. The building was added to the National Register of Historic Places in 1981, and today sits across the street from the Rosa Parks Library and Museum.

Relevant Experience|
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