Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $5.07 million loan refinancing for Greenwillow Manor Apartments in Baltimore, Maryland.
Senior Director Holly Bray of Love Funding’s Washington D.C. office consolidated two mortgage notes, secured a 35-year loan term, and obtained a lower interest rate for the property’s owners through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The program provides non-recourse, assumable financing for the purchase or refinance of existing multifamily, affordable or age-restricted properties.
Greenwillow Manor Apartments was built in 1977 and contains a total of 146 units, all of which are currently designated as affordable. Eighty-seven of the units are affordable under the Section 236 program and 59 are affordable under the Section 8 program. The units are housed in four three-story apartment buildings.
For more information, contact Holly Bray at (202) 887-1849.