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News & Events - Love Funding

Love Funding Secures $33.3 Million Loan for New Market-Rate Apartment Community in Detroit Suburb

July 5, 2017

Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $33.3 million loan for the construction and permanent financing of Manchester, a new market-rate apartment community in the Detroit suburb of Novi, Michigan.

Manchester will offer 172 large two-bedroom and three-bedroom townhome units with attached garages located in 23 two-story buildings on 19 acres. The development is being built by Fairview Construction, a commercial and residential construction firm with 30 years of experience, including six multifamily projects in Michigan. Manchester was designed by architectural firm Alexander V. Bogaerts & Associates, and will be managed by KMG Prestige, one of Michigan’s largest property management firms.
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Love Funding Secures $11.3 Million Loan for Refinance of Danbury Park Manor in Superior Township, Michigan

June 22, 2017

Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of an $11.3 million loan for the refinance and rehabilitation of Danbury Park Manor, an affordable multifamily community in Superior Township, Michigan.

Danbury Park Manor consists of 20 residential buildings that contain 151 one-, two- and three-bedroom ranch-style units and townhouses. Each residence has a private, ground-floor entrance. The majority are subsidized under an existing Section 8 HAP contract, and five units are subsidized under Section 236. Originally constructed in 1971 and rehabilitated in 2002, the property includes a community building and amenities.
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Love Funding Secures $18.5 Million Loan for Construction of Valencia Lofts in Leon Valley, Texas

June 21, 2017

Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of an $18.5 million loan for the construction and permanent financing of Valencia Lofts, a new market-rate apartment community under development in Leon Valley, Texas.

Valencia Lofts will offer 192 one-, two- and three-bedroom units in 14 garden-style buildings situated on nearly nine acres in the northwest portion of San Antonio. The property will include two-story townhouses with attached garages and high-quality community amenities. Construction will be done under the International Energy Conservation Code (IECC) to meet design and construction requirements for energy efficiency. Currently, the site is vacant and will be a sister project to Barcelona Lofts, the developer’s adjacent multifamily project.

The financing was secured by Love Funding through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term.
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Love Funding Provides $87.3 Million in FHA Financing for New High-Rise, Market-Rate Apartment Building in Plano, Texas

May 8, 2017

Love Funding, a subsidiary of Midland States Bancorp, Inc. (NASDAQ: MSBI) and one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, today announced the closing of an $87.3 million FHA loan to build a new high-rise, market-rate apartment building in Plano, Texas.

The project, named LVL 29 for its 29 levels, is located in Legacy West, a 250-acre mixed-use destination located at the intersection of the Dallas North Tollway and State Highway 121 in Plano. The structure features a unique ellipses-shaped design and offers luxury apartment homes that range from 600-square-foot units to 3,800-square-foot penthouses with private garages. The building is being developed by NE Development and is expected to be completed in May 2019.
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Love Funding Secures $5.2 Million Loan for Refinance of Bay Hill II Apartments in Traverse City, Michigan

May 1, 2017

Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $5.2 million loan for the refinance and preservation of Bay Hill II Apartments, a mixed-income multifamily community in Traverse City, Michigan.

Bay Hill II Apartments offers 36 market-rate units and 36 affordable units backed by low-income housing tax credits (LIHTCs), which are restricted to those earning 60 percent of the area median income. The 72 apartments are a mix of one-, two- and three-bedroom units originally constructed in 1999 and opened in 2000. The property’s ownership group is led by Hollander Development Corporation and Great Lakes Traverse City Developers, and it is managed by KMG Prestige.
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