Love Funding, Washington, D.C., closed a $15.8 million construction-to-permanent loan for InterPointe Apartment Homes, a 160-unit market-rate apartment community under development in Billings, Mont.
Senior Director Robyn Cunningham and Director Adrian Hartman, both in Love Funding’s St. Louis office, secured the loan through HUD’s 221(d)(4) loan program. “Utilizing the program will enable the property’s developer to lock in a low interest rate during the 14-month construction period and 40-year permanent loan term,” Cunningham said.
The Billings City Council voted in August to annex the subject parcel and rezone it for multifamily development. “There’s not a great deal of new quality product,” Hartman said. “This is in the Lenhardt Square development, where all the new growth is happening.”
Hartman said Billlings native Michael Stock leads the apartment community’s development group. “To date, Stock has designed and developed a number of mixed-use retail center projects, professional office buildings, restaurants and multifamily projects, but this is his first experience building a HUD project,” he said.
Love Funding also secured $5.54 million for North Park Properties LLC to purchase North Park Retirement Community, an assisted living and skilled nursing facility in Brook Park, Ohio.
Robert Smallwood and Bruce Gerhart of Love Funding’s Cleveland office secured the loans through HUD’s 232/223(f) loan insurance program for refinancing or acquisition of healthcare projects three or more years old that do not require substantial rehabilitation.
Built in 1967, North Park Retirement converted to an assisted living facility in 1988, with additional assisted living units added in 1994. The facility received a renovation in 2010, converting 18 assisted living units into 23 skilled nursing units. Today, it provides 49 assisted living beds and 25 skilled nursing beds.
Source: MBA NewsLink