Love Funding Closes $4.71 Million Refinancing for Age-Restricted Apartment Community in Port Huron, Michigan


Porthaven-ManorLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $4.71 million loan refinancing for Porthaven Manor, a 102-unit, age-restricted apartment community in Port Huron, Michigan.
 
Love Funding Midwest Regional Director Bruce Gerhart secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The program allows the refinancing of debt on existing multifamily properties originally funded through conventional or FHA-insured mortgages, as long as they do not require substantial rehabilitation.

Porthaven Manor is an age-restricted apartment project built in 1989 with low-income housing tax credits (LIHTCs) administered by the Michigan State Housing Development Authority. The project, which was designed exclusively for individuals aged 62 and older, received the tax credits for setting aside 20 percent of the units for income-qualified residents that pay below-market rents. The refinancing will allow the property’s owners to pay off Boston Financial Institutional Tax Credits, which financed the tax credits.
 
For more information, contact Bruce Gerhart.

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