Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of two loans totaling $18.4 million for the refinancing of three related market-rate multifamily properties in Dekalb, Illinois.
The properties involved in the refinancing – Cambridge Square, Park Manor Townhomes and Lakeside Apartments – are all owned by Monte and Patricia Enoch. The Enochs bought the land parcels and began developing the properties in 1999 and 2000, respectively, after visiting their son at Northern Illinois University and identifying a lack of housing options in the immediate area. The previous financing was provided by short-term interest-only loans that were due to mature this year.
Robyn Cunningham and Adrian Hartman of Love Funding’s St. Louis office were able to secure low, fixed-rate, non-recourse financing with a term of 35 years through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program, which insures mortgage loans for the refinancing of multifamily housing for moderate-income families. Using the program also enabled the Enochs to fund repairs to the property’s parking lots and patios, and make other improvements.
Cambridge Square and Park Manor consist of 207 two-story townhome units contained in 19 buildings that were constructed between 1999 and 2001. Lakeside Apartments consists of 40 market-rate units in five two-story apartment buildings built in 2000. All three properties have been managed by Pittsley Realty since they began accepting residents.