Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $10.1 million refinancing loan for Court Square Center, an historic property in Memphis, Tennessee with a storied past.
The financing was secured by Senior Director Artin Anvar of Love Funding’s Washington, D.C. office through the U.S. Department of Housing and Urban Development’s Section 223(f) loan insurance program. Using the program enabled the borrowers to lock in a low, fixed interest rate for a 35-year term and pay off the original debt taken out to redevelop the property and preserve its historic character. Court Square Center was co-developed by the Memphis-based development team of John T. Basek, C. Yorke Lawson, and consulting firm Chandler and Chandler, who teamed with Telesis Corporation and New Community Partners of Washington, D.C.
Court Square Center is comprised of three buildings – Lincoln American Tower, the Lowenstein Building and Court Annex 2 – which contain 75 market-rate apartments and more than 32,000 feet of commercial space. Both the Lowenstein Building and Lincoln American Tower are on the National Register of Historic Places. The former was built in 1886 and was home to the landmark Lowenstein Department Store, while the Tower – a smaller replica of the famed Woolworth Building in Manhattan – was built in 1926 and served as the headquarters of the Columbia Mutual Life Insurance Company.
The redevelopment from 2006 to 2009 is a centerpiece of Memphis’s downtown redevelopment strategy. The city contributed a significant economic development investment. In October 2006, a fire in a nearby church that spread to the Court Square Center property resulted in a total loss of the Court Annex building and severe damage to the other two. The project continued and eventually encompassed a more comprehensive redevelopment plan, including meticulous work to preserve the building’s facades and strengthen their structures and foundations.
“We were very pleased with Artin and the Love Funding team for getting this complex refinancing closed,” said Basek, a principal of Court Square Center LLC. “Throughout the process, Artin was there to help us navigate through any issues that arose.”
For more information, contact Artin Anvar at (202) 887-0435.