Love Funding originators always go the extra mile for our clients. Senior Director Peter Wessel helped secure financing for Block 32 at RiNo, a new construction project in Denver. With our industry knowledge and expertise, we were able to persuade HUD to finance this project of vision in Denver’s up-and-coming, River North neighborhood. It was important to familiarize HUD personnel with the growing neighborhood, so we helped facilitate multiple site visits to give them a better understanding of the changing area. Additionally, we re-underwrote rents to reflect the anticipated increases in the market. These are just two examples of the many ways that we go above and beyond for each of our clients.
Using HUD’s 221(d)(4) loan program, the borrower obtained a non-recourse loan and locked in a low interest rate for the entire construction period. Block 32 at RiNo added over 200 apartments to the Denver market, and the construction of the building helped spur additional development in the area. Today, this vibrant neighborhood continues to grow, and the building is just minutes away from exciting establishments like a multi-tenant food market and a local brewery. In the video above, Peter takes a closer look at the Block 32 at RiNo project and gives a tour of the surrounding neighborhood.
Love Funding is proud to be a leading FHA lender. We go the extra mile for each of our clients as we walk them through each step of the FHA financing process. Reach out to one of our expert originators to learn more about our loan product offerings, including financing solutions for multifamily, healthcare and hospital facilities.
Hi, I’m Peter Wessel, a loan officer with Love Funding Corporation, and we go the extra mile for our clients and for our communities.
So, I have a story for you. Our story centers around Block 32 at RiNo, an award-winning, 205-unit apartment project and how this project has transformed the community and the lives of the residents who live here.
We started working with the developer in 2010. At that time, Brighton Boulevard looked just like this. It was dilapidated and light industrial and warehouse district. Certainly, no residents here, no restaurants, no attractions. This is a major redevelopment area now stimulated, by the very first project on this route, which was the Block 32 apartments project.
The Source which is a multi-tenant, artisan food market draws people from around the metropolitan area. It is located directly north of the Block 32 apartment project, and the success of the apartments is what stimulated the conversion of this 1800s, vintage foundry into this beautiful facility.
As you can see across the street another 300-unit apartment project is under construction.
I am standing in front of the Great Divide brewery barrel room one of the new eating and drinking establishments that have cropped up here along Brighton Boulevard.
Now that the area has started to turn the City of Denver has committed to streetscaping, which will start in 2016 with new street pavement, curb and gutter sidewalks, bike lanes, lighting, signage, underground utilities, landscaping and public art. All of this a result of the original pioneering project that we financed, Block 32 at RiNo.
Block 32 at RiNo was financed with a loan, that was insured by the Department of Housing and Urban Development. In order to secure commitment to ensure the loan, we have to present to HUD all of the risk factors on a project and persuade them it is an acceptable risk. The cultural values within our company are knowledge integrity and results. Only by living these values were we able to persuade HUD to finance this project, which was a project of vision.