Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $15.9 million loan refinancing for Churchill Downs Apartments, a 203-unit market-rate apartment development in Pullman, Washington.
Love Funding Director Brian Robertson of the St. Louis office secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The program allows the refinancing of debt on existing multifamily properties originally funded through conventional or FHA-insured mortgages, as long as they do not require substantial rehabilitation.
Churchill Downs was built in 2007 and is comprised of 15 three-story apartment buildings and a one-story leasing office/laundry facility. The property is owned by Churchill Downs Apartments LLC and operated by DABCO Property Management LLC. K. Duane Brelsford, a Pullman resident and graduate of Washington State University, is the key principal of both entities. Mr. Brelsford has developed over $100 million of real estate properties in Portland, Seattle and Los Angeles, including nine Embassy Suites hotels.
For more information, contact Brian Robertson at (314) 512-7959.