Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $15.8 million construction-to-permanent loan for InterPointe Apartment Homes, a new 160-unit market-rate apartment community under development in Billings, Montana.
Love Funding Senior Director Robyn Cunningham of the St. Louis office, together with Director Adrian Hartman, secured the loan through the U.S. Department of Housing and Urban Development’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.
A proposed two-phase project, InterPointe is part of the Lenhardt Square development, which was officially approved after the Billings City Council voted in August to annex the subject parcel and rezone it. The apartment community’s development group is being led by Michael Stock, a native of Billings who started his building career in the mid-1990s. To date, Stock has designed and developed a number of mixed-use retail center projects, professional office buildings, restaurants, and multifamily projects.