Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $24.4 million loan for the construction and permanent financing of InterUrban Apartment Homes, a new market-rate apartment community under development in Billings, Montana.
InterUrban Apartment Homes will offer 216 apartment units in six three-story garden-style apartment buildings in Billing’s Lenhardt Square development. The property will be subdivided into two lots. The first will house the apartment homes and the second will be held for future development as a multifamily project.
The financing was secured by Love Funding Senior Director Robyn Cunningham and Director Adrian Hartman through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term.
The development is being led by Michael Stock, managing member of Stock Land Properties Inc. and owner of Stock Land Properties. A Billings native and graduate of the John T. Riordan School for Professional Development Design and Construction Institute, Stock has been developing and building homes since the mid-1990s. His firm is consistently rated among the top three builders in the state of Montana.
In 2013, Cunningham and Hartman helped Stock finance the construction of InterPointe Apartment Homes, a 160-unit market-rate apartment community also located in the Lenhardt Square development.