Love Funding closed a $6.49 million loan for the refinance and rehabilitation of Orlando Cloisters, an age-restricted affordable community in Orlando, Florida. Orlando Cloisters is an 11-story building offering Section 8 efficiency and one-bedroom units to residents 62 years and older. The 101-unit community is located in a mixed-use neighborhood south of downtown Orlando.
Love Funding Senior Director Tammy Tate secured the loans through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing, $2.9 million of which will be used to provide non-critical improvements and upgrades to the property.
The mortgagor is a non-profit that originally developed the property in 1984 with a HUD Section 202 mortgage. BREC Development, LLC will oversee improvements and upgrades to the property. The existing Housing Assistance Payments (HAP) contract will be terminated and replaced by a new 20-year HAP contract. The property will continue to be managed by SPM Property Management, an agency with extensive experience managing HUD subsided properties.
For more information, contact Tammy Tate at (865) 694-9600