Deal Insider: Covington Court Apartments

Originator: Jon Wagenknecht

Challenge: This Section 232(f) refinancing was initially rejected by HUD’s underwriting staff when the 2008 economic downturn reduced the property’s occupancy from 95 percent to below 85 percent.

Solution: Wagenknecht, recognizing the vacancy issue as a temporary phenomenon, resubmitted the refinancing application a year later, when the property’s owners were able to boost occupancy back near pre-recession levels. HUD approved the transaction, and now ownership is working with Wagenknecht to refinance another property in its portfolio.

Deal Insider provides insights into Love Funding’s recent loan closings, with an emphasis on how the originator helped the client address a specific challenge.

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