Love Funding, one of the nation’s leading providers of multifamily housing loans, announced the closing of an $8.15 million construction-to-permanent loan for Tunnel Hill Apartments, a 100-unit market-rate apartment complex under development in Elizabethtown, Kentucky.
Tammy Tate, a vice president at Love Funding in Knoxville, arranged the loan through the Federal Housing Administration’s 221(d) loan insurance program. By utilizing FHA financing, Tate enabled the property’s owner to lock in a low fixed interest rate for the duration of the construction period and 40-year permanent loan term.
The project, which is being developed on a 9.5 acre site on Tunnel Hill Road, will consist of 12 two-story buildings containing eight units each, and one two-story building containing four units. The complex is expected to provide needed workforce housing options for Elizabethtown and the surrounding area, as new apartment construction in the area has slowed at a time when demand continues to increase.