Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $2.21 million loan refinancing for La Estancia Homes, a 67-unit Section 8 apartment complex in Humacao, Puerto Rico.
Love Funding First Vice President and Senior Loan Originator Leonard A. Lucas secured the loan through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan program. Using the program enabled Lucas to lock in a low fixed interest rate and extend the term to 22 years, generating more than $22,000 of annual debt service savings for the property’s owners.
The new mortgage proceeds will allow the property’s owner to fund needed repairs, including roof replacement and bathroom renovations. The original construction and permanent financing was provided through the 221(d)(3) insurance program in April 1980. The project is covered by a project-based Section 8 contract that is subject for renewal in March 2013.
The La Estancia transaction comes a month after Lucas closed on four loans totaling $118.5 million for a portfolio of skilled nursing and assisted living facilities in New Jersey. Lucas also arranged a $2.9 million loan refinancing for St. Alfio’s Villa, a 155-unit apartment community in Lawrence, Massachusetts.
For more information, contact Leonard Lucas.