April 5, 2017
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of two bridge loans totaling $15.2 million for the acquisition and renovation of two market-rate apartment communities in Clayton County, Georgia.
The properties involved are Southlake Cove Apartments, a 346-unit community in Jonesboro, and Vineyard Point Apartments, a 108-unit community in Riverdale. They are being acquired by ownership groups led by Paul D. McMaster, a property management and investment professional with nearly three decades of experience.
April 3, 2017
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $10.8 million loan for the construction and permanent financing of Lofts by the Lake at Apalache Mill, a proposed market-rate apartment community in Greer, South Carolina.
The project involves the substantial rehabilitation of a two-building former textile mill to loft-style residential apartments. Once completed, Lofts by the Lake at Apalache Mill will offer 97 one- and two-bedroom units. The 7.2-acre property was originally developed in the mid-1830s, and the first modern mill was constructed as a brick facility in 1988. The original wooden mill was demolished in 1903, making way for a second mill. The proposed apartment community will feature high-end, loft-style amenities including massive two-story windows, pine columns, exposed historic brick walls, lake views in 51 of the units, and communal resources including lake access and kayak shoots.
April 1, 2017
Love Funding Senior Director Holly Bray and Associate Director David Strachan will be sponsoring the AHF Live Forum April 26-28, 2017 in New Orleans, LA. Stop by our table in the expo hall to discuss your financing needs with our experts.
March 22, 2017
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $2.6 million FHA loan to take out bridge financing used to fund the acquisition of an assisted living and memory care facility in Tomball, Texas.
Love Funding Senior Director Leonard A. Lucas of the Boston office obtained the bridge loan from Love Funding’s parent company, Midland States Bank, in January. The new loan, secured through the U.S. Department of Housing and Urban Development’s Section 232/223(f) program, will pay down the bridge loan and provide low-rate, non-recourse financing for a 35-year term.
The bridge loan made it possible for the buyer to move forward with the transaction on the seller’s timeframe. Love Funding’s affiliation with Midland helped keep the financing costs down, despite the very short-term nature of the bridge loan.
March 14, 2017
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $6.8 million bridge loan for the construction of a new assisted living and memory care center under development in South Jordan, Utah.
Our House of South Jordan will offer 62 beds in the new 42,000-square-foot facility being built by a team led by Giza Development LLC and which also includes Stout Construction and Primera Group. The facility will be operated by SAL Management Group LLC.
The bridge financing was secured by Love Funding Senior Director James Vanar of the Los Angeles office, with funding provided by Midland States Bank, the parent company of Love Funding. This is the second bridge loan Vanar has obtained for Giza Development, which needed bridge financing to start construction of Shadow Valley Assisted Living and Memory Care in Ogden, Utah last year.