Love Funding, a subsidiary of Midland States Bancorp, Inc. and one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, closed a $13.5 million bridge loan for the construction and mini-permanent financing of Fairhaven Harbor Apartments, a market-rate community in Bellingham, Washington.
Fairhaven Harbor will offer commercial space on the first floor of a five-story building, along with 60 upscale apartments and penthouse units with bay views. There will also be two levels of parking. The community is located in the highly sought-after Urban Village Commercial Core District of Fairhaven and enjoys broad support from local government. The development is being led by Summit Construction Group, Inc., a commercial and residential construction firm with more than 25 years of experience with multifamily and commercial projects in the Bellingham market.
The bridge financing was secured by Love Funding Senior Director James Vanar, with funding provided by Love Funding’s parent company, Midland States Bank.
“I very much have enjoyed working with Midland States Bank and Love Funding,” said the borrower, David Ebenal. “We are very excited about our project and feel fortunate to be working with a great partner who understands the construction process. I felt James understood multifamily projects and had strong expertise in the area. Having a financing partner that has knowledge of not only financing, but also construction, is a great benefit.”
Love Funding introduced the bridge loan platform in May 2015 as a means for providing interim funding support for acquisition and refinancing applications on HUD multifamily and healthcare loans. The platform was later expanded to include tax credit equity bridge loans, and construction/mini-perm financing for multifamily and healthcare development.
“The bridge program allows our clients market-rate construction and mini-perm financing and provides a seamless transition to the long-term, fixed-rate HUD market,” said Vanar. “The combined construction, stabilization and mini-perm package offers a unique option not easily found in the market.”