Washington, DC – Oct. 26, 2011 – Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $3 million loan refinancing for The Manor Apartments, a new 31-unit market-rate apartment community in Columbia, Missouri.
Love Funding Vice Chairman Harry Cheatham secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan program. Utilizing the program enabled the property’s owner to obtain a low interest rate, non-recourse loan with a 35-year term.
“We consider this property to be a ‘keeper’, so our investment group wanted long-term financing for the duration,” said the owner, Travis H. McGee of Certified Realty Inc. “Love Funding’s HUD 223(f) program gave us the best placement option in both rate and term.”
The Manor Apartments concept was derived from a 1927-vintage French Tutor mansion, which most recently served as a bed and breakfast. The current owner purchased the Manor and its large lot in June 2009. The original building was then converted to seven apartment units, and the owner built an adjoining, architecturally comparable 24-unit structure with luxury finishes and extensive landscaping. The result was a highly desirable residence which was 100 percent leased at opening.
For more information, contact Harry Cheatham.