Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $1.52 million loan refinancing for The Praetorian Building, a historic mixed-use building in downtown Waco, Texas.
Senior Director Tammy Tate of Love Funding’s Knoxville office secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Using the program enabled the borrower, Ellis Isle Equities LLC, to consolidate two existing loans into low-rate, non-recourse financing that is fixed for a 35-year term.
The Praetorian Building is a seven-story building that was constructed between 1913 and 1915 and is listed on the National Registry of Historic Places. Originally designed to house the Praetorian Insurance Company, the building has also been known through the years as Franklin Tower, the Service Mutual Building and the Southwestern Building. The property was renovated in recent years from traditional office space to loft-style multifamily and office space. Discounted rates have helped turn the fourth floor into a haven for artists called Anthem Studios. The refurbishment also helped restore a three-story mural of Jesus Christ at the rear of the building.
“I’m very pleased to have a business relationship with both Tammy Tate and Stuart Gans of Love Funding,” said Peter Ellis of Ellis Isle Equities LLC. “Along with their underwriting department, they answered every question of mine, took all my phone calls and guided me through the loan process. Now, The Praetorian has a loan that is superior to any loan product offered through the local banks. I look forward to my next project with Love Funding, which is already in the works.”
For more information, contact Tammy Tate at (865) 386.4039.