Washington, DC – Nov. 3, 2011 – Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $2.83 million loan refinancing for Vattier Apartments, a new 37-unit garden-style apartment complex in Manhattan, Kansas.
Love Funding Vice Chairman Senior Vice President Harry Cheatham secured mortgage insurance through the U.S. Department of Housing and Urban Development’s 223(f) program. Utilizing the program enabled the property’s owner to obtain a fixed low interest rate, non-recourse loan with a 35-year term.
The property’s owners were unable to obtain long-term financing when construction was finished in July 2010, despite completely leasing out all of the units prior to completion. Cheatham worked with HUD’s Kansas City office to obtain a waiver for the client from the agency’s rule against extending long-term FHA financing for properties less than three years old.
"Mr. Cheatham was a wealth of knowledge as he helped us navigate our first HUD-financed project and we are grateful for the permanent financing Love funding secured on our behalf," said Chris Elsey, a managing principal of the borrower, Elsey Partners of Manhattan.
Last week, Cheatham closed a similar $3 million loan refinancing for The Manor Apartments, a new 31-unit market-rate apartment community in Columbia, Missouri. Both complexes drew on demand from the local university.
For more information, contact Harry Cheatham.