Originator: Bruce Gerhart
Challenge: The owners of this Section 8 apartment complex in East Lansing, Michigan, were struggling to find enough room to house a growing array of much-needed community programs, including a computer training program for the parents of Head Start children.
Solution: Through a HUD 223(f) refinance, Gerhart was able to gain approval from HUD officials to use the property’s surplus of reserves for the construction of a new onsite community center to house the programs. In addition, the owners were able to add $1 million to the mortgage in escrow in order to help them accelerate plans to make a number of energy efficiency upgrades, including new hot water heaters, furnaces, windows and roofs.
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.