Spokane, Washington, Jan. 6, 2011 – Love Funding, one of the nation’s leading providers of multifamily housing loans, announced the closing of a $3.53 million construction-loan refinancing for The Timbers at Wandermere, a 42-unit multifamily housing complex in Spokane, Washington.
Artin Anvar, a vice president at Love Funding in Washington D.C., secured the loan by utilizing Federal Housing Administration’s 223(f) loan program. By utilizing FHA financing, Anvar enabled the property’s borrowers to lock in a 4.2 percent fixed interest rate with a 35-year term.
Despite a difficult lending environment, Love Funding has continued to utilize FHA loan programs run by the U.S. Department of Housing and Urban Development (HUD) to secure financing for creditworthy multifamily property owners and developers. HUD closed nearly $14 billion in multifamily housing loans in the fiscal year that ended in September, up from just $5.4 billion the year before.
“HUD has played a significant role in helping to stabilize the multifamily housing market,” Anvar said. “Their innovative funding programs are giving borrowers the opportunity to secure attractive lending terms that are otherwise just not available.”
The Timbers complex is at the center of resurgence in higher-quality rental living in north Spokane. The properties – which range in size from 954 square feet to 1,352 square feet – come with attached garages that open directly into living spaces. With the original construction loan coming due at the end of the year, Anvar worked with the borrowers in recent months to lease up available units and attain the necessary occupancy levels to qualify for refinancing under the FHA program.