Love Funding Closes $19.8 Million Refinancing for Market-Rate Apartment Community in Bloomington, Illinois

||Love Funding Closes $19.8 Million Refinancing for Market-Rate Apartment Community in Bloomington, Illinois

WingoverLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $19.8 million loan refinancing for Wingover Apartments, a market-rate apartment community in Bloomington, Illinois.
 
Love Funding Midwest Regional Director Bruce Gerhart secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The program allows the refinancing of debt on existing multifamily properties originally funded through conventional or FHA-insured mortgages, as long as they do not require substantial rehabilitation.

Wingover Apartments was built in four stages between 2006 and 2009, and consists of 19 two- and three-story buildings housing 250 apartment units. The refinancing will allow the property owners to take on needed repairs and consolidate four separate mortgages into a low, non-recourse, fixed-rate loan with a term of 35 years.
 
This is the 10th FHA loan transaction Love Funding has handled for the ownership group, which includes Illinois State University graduate Darren L. Rogers. Mr. Rogers and his business partners, Donald Franke and Harold Hoeferle, founded their property management firm in 1989. The company manages approximately 1,000 units and several thousand square feet of commercial space.
 
For more information, contact Bruce Gerhart at (216) 583-0812.

2013-03-19T13:56:41+00:00 Love Funding News|