Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced closings for five loans totaling $7.2 million for a group of multifamily housing communities in Indiana.
The five apartment properties involved are: Tiffany Heights Apartments in Fort Wayne, Tree City Estates in Greensburg, Tamara Gardens I Apartments and Stephanie Villas in Fort Wayne, and Cameron Crossing Apartments in Huntertown. All five properties are owned in full or in part by brothers Edward Keller Jr. and Larry Keller of Fort Wayne-based Keller Development, which has been building and developing affordable housing utilizing low-income housing tax credits (LIHTCs) since 1984.
Love Funding Midwest Regional Director Bruce Gerhart, with client and deal support from Director Brian Jones, secured the loans through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program, except for the Cameron Crossing transaction, which was financed through a pilot program recently introduced by HUD for accelerating loan approvals on LIHTC properties. Great Lakes Capital Fund, which originally placed the LIHTC equity on several of the properties, referred the business to Love Funding.
Using the programs enabled the Kellers to refinance the original LIHTC-backed loans on each property, generating debt-service savings through lower interest rates and helping to preserve the communities for low-income tenants. The majority of the 316 total apartment units are restricted to households earning less than the area median income.
“The various staff assigned to our portfolio by Love Funding were a pleasure to work with and displayed professionalism and competency at every level,” said Keller Development Chief Financial Officer Bob Mosser. “I also want to thank our equity partner, Great Lakes Capital Fund, for their referral to Love. It has been a win-win transaction for everyone involved.”
For more information, contact Bruce Gerhart at (216) 583-0812.