Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $26 million construction-to-permanent loan for RiNo Center, a new market-rate apartment project in Denver.
Love Funding First Vice President and Senior Loan Originator, Peter Wessel, secured the loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan program. Utilizing the program enabled the property’s developer to lock in a low interest rate during the 18-month construction period and 40-year permanent loan term.
RiNo Center will add 205 market-rate apartments to Denver’s River North neighborhood. The four-story building, located less than one mile northeast of the city’s central business district, will have convenient access to major regional employers, retail stores and restaurants, and a rapidly emerging arts and entertainment scene.
RiNo Center is being developed by Prospect LLC, a Denver-based firm focused on urban infill and transit-oriented projects. The project is also being supported by an equity investment from Argosy Real Estate, a Philadelphia-based real estate investment fund.
“This project is a perfect target for the 221(d) program,” Wessel said. “It helps fulfill HUD’s mission of spurring urban development while providing the developer with very advantageous terms.”
RiNo Center will host a number of energy efficient features, including high-efficiency HVAC systems, low intensity lighting and a 5-kilowatt solar PV system to help power the building’s clubhouse. Internal features include granite countertops, designer lighting and garden tubs.