Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $12.4 million construction-to-permanent loan for Cumberland Trace Village, a new market-rate apartment community under development in Bowling Green, Kentucky.
Love Funding Senior Director Tammy Tate of the Knoxville office secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The program provides non-recourse construction and permanent financing for new apartments or substantial rehabilitation of existing buildings into apartments.
The development is named after the Cumberland Trace, a former Native American trail used by early pioneers during their western migration as early as 1779. The trail, which ran along the property, was most famously used by Daniel Boone during his explorations of the surrounding area.
Cumberland Trace Village will offer 144 market-rate apartment units in nine two-story buildings, and will also include a clubhouse and four garage structures. The project is the creation of local real estate developer and operator Dean Montgomery, who runs SH Management and is a graduate of Western Kentucky University. The Bowling Green-based company is a full-service multifamily management firm with 600 units in its portfolio. Mr. Montgomery has successfully developed more than 1,000 market-rate apartment units at eight sites in Central Kentucky.