Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $5.07 million loan for the refinancing of Clays Pointe Duplexes, a market-rate community in Elizabethtown, Kentucky.
The financing was secured by Love Funding Senior Director Tammy Tate through the U.S. Department of Housing and Urban Development’s 223(a)(7) refinance loan insurance program. Tate was also responsible for helping the borrower, DuPlessis Clays Pointe Property LLC, refinance the property through HUD back in 2011 as part of an effort to help the borrower acquire the rest of the property it did not already own.
The current refinancing, which locks in a lower interest rate for a 35-year term, will generate enough debt service savings to ensure the project’s viability while providing additional funds for ongoing capital needs.
Clays Pointe Duplexes consists of 62 two- and three-bedroom duplexes. The property was constructed in phases beginning in 2006. Executive Group Property Management Inc. has been successfully managing the project since its operations began.
For more information, contact Tammy Tate at (865) 694-9600.