Love Funding Secures $47.6 Million New Construction Loan for Allure on the Parkway
Love Funding closed a $47.6 million loan for the construction and permanent financing of Allure on the Parkway, a market-rate, multifamily community in Sanford, Fl. The community is comprised of 290 one- and two-bedroom units in two, four-story buildings. Allure on the Parkway will offer its residents many luxury amenities including a club-house, pool, fitness center and yoga studio, dog park, walking trails and more.
Upon completion, Allure on the Parkway aims to qualify as Green and Energy Efficient Housing. The project has been designed to achieve the National Green Building Standard (NGBS) green certification and has a Statement of Energy Design Intent (SEDI) score of 95 out of 100, affording the project the benefit of the lower mortgage insurance premium rate of 25 basis points.
Love Funding Senior Director Peter Wessel secured the loan through 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.
For more information, contact Peter Wessel at firstname.lastname@example.org or 303.777.5016 or www.lovefunding.com/peter-wessel.