Love Funding closed a $26.3 million loan for the construction and permanent financing of Garden Valley Apartments, a market-rate multifamily community in Waxahachie, Texas, a suburb of Dallas. Garden Valley will consist of eight three-story walk-up buildings with 213 one- and two-bedroom units and high-end finishes and amenities including a resort-style pool and attached garages. The project design received a Statement of Energy Design Intent (SEDI) score of 90 out of 100 and will meet the Green MIP requirements through the National Green Building Standard Program, affording the project the benefit of the lower mortgage insurance premium rate of 25 basis points.
The financing was secured by the Love Funding team through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The mortgage insurance allows Love Funding to provide low-rate, non-recourse financing for the construction and for a subsequent 40-year term.
The property was designed by Cross Architects and will be developed by general contractor Brownstone Construction, Ltd. Sunridge Management Group will manage the finished site.