Project Description

Love Funding closed a $15.9 million loan for the acquisition and substantial rehabilitation of Ivy Tower, an affordable multifamily community in Newport News, Virginia. Ivy Tower is a 12-story high-rise comprised of 92 one-bedroom and 48 two-bedroom units located in the East End neighborhood of Newport News, bordering the Chesapeake Bay. All 140 units will be restricted to those earning less than 60 percent of the area median income (AMI) under the Low-Income Housing Tax Credit (LIHTC) program. The project also benefits from a Housing Assistance Payments contract.

The financing was secured by Love Funding Senior Director Leonard Lucas through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The 4 percent LIHTC bond allocation was made by the Virginia Housing Development Authority.  The project sponsor is Weston Associates, a Boston-based affordable housing developer and operator. Additionally, an LIHTC bridge loan was extended by Sterling Bank  and R4 Capital provided the tax credit equity.

RELATED EXPERIENCE

Ivy Tower

DEAL OVERVIEW

LOCATION

Newport News, VA

LOAN DETAILS

221(d)(4) acquisition/substantial rehab
LIHTC program
HAP contract
Bridge financing

PROPERTY TYPE

Affordable apartments
140 units

DATE CLOSED

November 29, 2017

Leonard Lucas

LEONARD A. LUCAS
Senior Director

About Love Funding
Love Funding is a leading HUD lender with over 30 years of experience. We provide financing for market-rate multifamily and affordable housing, healthcare and seniors housing facilities and hospitals nationwide.