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.

Related Posts

NuVista Care January 11 111 2012
RiNo.jpg RiNo Center Apartments January 11 111 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012
Viera Manor ALF September 15 915 2012
Happy Valentine's Day! February 14 214 2013
NIB_HUDUpdates.png News in Brief: HUD Updates June 12 612 2018
extra mile We Go the Extra Mile June 14 614 2018