Love Funding closed an $18.7 million loan refinancing for Bella Vista Apartments, a 231-unit Section 8 apartment building in Union City, New Jersey. Love Funding Senior Director Laura Saull-Smith of the Washington D.C. office obtained the loans through the U.S. Department of Housing and Urban Development’s Section 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.
“We chose to use Love Funding in great part due to Laura’s confidence and knowledge, and we are glad that we did,” said Jeffre W. Juliano, managing member of the ownership entity and a partner at the Honolulu law firm of O’Connor Playdon & Guben LLP. “Laura was with us every step of the way working with us to resolve any and all issues. We look forward to working with Laura and Love Funding in the future.”
Bella Vista Apartments is an age-restricted development for residents aged 62 and older. The property is owned and operated by Orlando Partners LLC and managed by Goldberg Realty Associates. The refinancing will allow the borrower to lock in a fixed interest rate in the low 3’s for a 35-year term, and help fund needed repairs. Those repairs include replacing all of the windows in the building with new energy-efficient windows to help save on energy costs.