Laura Saull-Smith, senior director in Love Funding's Washington, D.C. office, originated a $20.7 million refinancing for Paddington Square Apartments, a 165-unit community in Silver Spring, Md. The 223(f) financing enabled borrower Paddington Square Development Corp., to lock in a fixed non-recourse 35-year loan and consolidate outstanding debt.
"Paddington Square, which was built in 1960, is an affordable/market-rate rental property operating under the Housing Innovations Fund program offered by the Montgomery County Housing Opportunities Commission," Saull-Smith said. As a result, the property reserves 40 percent of its units for of low- and moderate-income families, she added.
Paddington Square Development Corp. acquired the property in 2004 and received approval from the Housing Opportunities Commission to conduct a $5.6 million renovation including electrical upgrades, replacement of all HVAC systems and central water heaters and roof replacement. The Housing Opportunities Commission also approved a second rehabilitation phase in 2009, raising the total commitment to $11.2 million.
In Los Angeles, Love Funding arranged $13.6 million to refinance Sunset Normandie Towers, a 148-unit affordable apartment community for individuals 62 and older. Senior Director Artin Anvar of Love Funding's Washington, D.C. office originated the 223(f) loan, which paid off existing debt and locked in a fixed rate for 35 years.
Love Funding Senior Director Tammy Tate arranged $1.5 million to refinance the Praetorian Building, a mixed-use building in downtown Waco, Texas. Finished in 1913, the seven-story Praetorian Building is on the National Registry of Historic Places. "Originally designed to house the Praetorian Insurance Co., the building has also been known through the years as Franklin Tower, the Service Mutual Building and the Southwestern Building," Tate said. "The property was renovated in recent years from traditional office space to loft-style multifamily and office space. Discounted rates have helped turn the fourth floor into a haven for artists called Anthem Studios.
" The 223(f) financing enabled borrower Ellis Isle Equities LLC to consolidate two existing loans into low-rate non-recourse financing fixed for 35 years.
Source: MBA NewsLink