Deal Insider: Manchester Oaks Apartments

Originator: Holly Bray

Challenge: The major impetus for this Section 223(f) refinancing was to extract sufficient savings to cover a $1.3 million roof replacement, a borrower-elected upgrade. The closing of the loan was scheduled during the winter season, which would have postponed the repairs for a number of months.

Solution: Bray added the roof replacement project to the Project Capital Needs Assessment (PCNA) during processing, allowing the client to perform the repairs in the fall season when the weather was conducive. The replacement costs were recouped when the refinancing closed in February.

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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