Love Funding Secures $24.9 Million Construction Loan for St. Paul Square in Unique Town Center Concept in McKinney, Texas

||Love Funding Secures $24.9 Million Construction Loan for St. Paul Square in Unique Town Center Concept in McKinney, Texas

Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $24.9 million loan for the construction and permanent financing of a 211-unit multifamily community in a unique town center concept being developed in McKinney, Texas.
 
St. Paul Square, a Class A multifamily project made possible by FHA financing support, will be part of Adriatica Village, a 45-acre town center development being modeled after Supetar, a fishing village located on Croatia’s coast. Led by David Brooks and George Fuller, Adriatica will replicate many of Supetar’s distinguishing features, including its landmark bell tower, old European architecture, cobblestone streets, hand-carved dove fountain and secluded island chapel.

“This has truly been a labor of love for the owner,” said Love Funding Senior Director Laura Saull-Smith, who secured the loan through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) loan insurance program for new construction projects. “Thanks to their attention to detail, people are going to think this community has been here for hundreds of years.”
 
Prior to commencing the project, members of the development team visited Supetar in order to meet with Croatian officials and learn how to replicate the stone construction methods used when the village was originally settled in 1577. Adriatica’s modern take will also feature single-family homes and condominiums, retail stores, restaurants, medical offices and a weekly farmer’s market situated under the bell tower. The village is being designed so that residents can leave their cars at home on evenings and weekends while they enjoy a European-style shopping or dining experience.
 
“We have to thank Love and HUD for all of their efforts in getting our financing in place,” Mr. Fuller said. “This wasn’t a standard 221(d)(4) loan and we are very grateful to them for their tireless work on our behalf. Our cash flow will be significantly better than it would have been had we opted to go with conventional financing, and Laura was able to rate lock for us at a time of historically low rates.”
 
For more information, please visit www.AdriaticaVillage.com or contact Laura Saull-Smith.

2013-02-22T20:33:09+00:00 Love Funding News|