Love Funding closed a $29.8 million loan for the refinance of Pimlico Apartments, a multifamily community in Pullman, Washington.
Pimlico Apartments offers 361 one-, two-, and three-bedroom market-rate units with private balconies. The apartments are located in 30 three-story buildings on a 17-acre site in walking distance of Washington State University. The property was originally constructed in two phases in 2013 and 2014.
Love Funding Director Brian Robertson secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the development team with low-rate, long-term, non-recourse financing.
The borrower said, “I’ve worked with Love Funding for over 25 years, and they always provide the most professional and well organized loan processing. Brian Robertson is one of the best young talents in the industry.”