Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $14.3 million loan to rehabilitate Thorpe Village, a senior apartment community in Sparkill, New York.
Thorpe Village consists of 200 age-restricted units, of which 198 are covered by a Section 8 contract. Originally built in 1981, the property is owned and managed by a non-profit corporation run by the Dominican Sisters of Sparkill. The rehabilitation will include replacing windows, improving insulation, and installing new kitchen flooring, cabinetry, appliances, and energy-efficient boilers and water heaters.
Love Funding Midwest Regional Director Bruce Gerhart secured the loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The non-recourse nature of the program enables borrowers to secure low-rate financing for up to 40 years for the new construction or substantial rehabilitation of apartment housing for moderate-income families, the elderly and the handicapped.
For more information, contact Bruce Gerhart at (216) 583-0812.