Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $9.1 million loan refinancing for Westhaven Manor, a 144-unit age-restricted apartment community in Westland, Michigan.
Love Funding Midwest Regional Director Bruce Gerhart secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Proceeds from the loan will be used to enhance the property with further improvements and fund a replacement reserve.
Westhaven Manor was built in 1986 and designed for those 62 years and older who do not require assistance with their daily living needs. The units each have an emergency call system connected to a central monitoring station and 24-hour supervision to summon emergency assistance. Twenty-nine of the units are reserved for low-income residents and a portion of these receive a rent subsidy from the Michigan State Housing Development Authority.
For more information, contact Bruce Gerhart at (216) 583-0812.