West New York, N.J.—Love Funding announced the closing of a $54.4 million loan refinancing for Parkview Towers, a 688-unit apartment community in West New York, N.J. that was the first ever project-based Section 8 property approved by the state.
Love Funding Senior Vice President and Senior Loan Originator Laura Saull-Smith secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan program. Utilizing the program enabled the borrower, Parkview Towers LLC, to preserve the property’s affordable housing status and finance needed repairs, reserves and upgrades totaling in excess of $7 million, or more than $10,000 per unit.
“The long-term, fully amortizing, non-recourse financing that the FHA 223(f) program permits enables owners to save substantial amounts in annual debt service costs, particularly in this historically low rate environment,” says Saull-Smith. “Repairs, reserves and closing costs can usually be funded out of loan proceeds.”
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