Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of two loans totaling $55.6 million for the construction and permanent financing of Riverside Village Family and Senior Apartments in Paterson, New Jersey.
The Riverside Village Family Apartments is the second phase of the Riverside Terrace Master Redevelopment Plan and will feature 165 townhouse-style units, onsite classrooms, basketball court, children’s room and a community building. Riverside Village Senior Apartments is an 81 unit, 4-story elevator complex offering lounge areas, outdoor patio and garden space and a community room with warming kitchen. Social services will be provided on-site by Paterson Housing Authority coordinators.
Financing was secured by Love Funding Director Leonard A. Lucas through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) loan insurance program. The program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. “It has been a pleasure working side-by-side with the Roizman team to make this redevelopment plan a reality,” said Lucas.
The redevelopment project is led by Roizman Development, Inc. of Plymouth Meeting, PA. “We were pleased to have Love Funding as our FHA partner on this project. They did a great job of leading us through the HUD approval process and helped us overcome several challenges along the way,” added Israel Roizman, President and CEO of Roizman Development, Inc.
Inglese Architecture + Engineering is the design architect and ETC Companies, LLC is the general contractor. The properties will be managed by S.H.N.I.R. Apartment Management Corporation of Plymouth Meeting, PA.