Love Funding Closes $11 Million in Loan Refinancings for Two Baltimore Apartment Communities


223f Financing - Holly BrayLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of loan refinancings totaling $11 million for two garden style apartment communities in Baltimore, Maryland.
 
The properties are Orchard Gardens Apartments and Woodland Street Apartments, which contain 198 units and 128 units, respectively. Both communities were built in 1978 by the same ownership group. They were constructed under Section 236 of the National Housing Act, which provides housing to low and moderate-income families, subject to regulation by HUD.

Love Funding Senior Director Holly Bray of the Washington office secured the financing through U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Using the program enabled Bray to lock in low, fixed interest rates for the term of the loans, which are 30 years and 35 years, respectively.
 
For more information, contact Holly Bray.

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