Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of $10.2 million in loans to refinance the Bluffs at Northwoods and Cannon Place Apartments, two apartment communities located in North Carolina.
The Bluffs at Northwoods is a 176-unit market rate development located in Gastonia, North Carolina. It is an amenity-rich community with 42 one-bedroom units and 134 two-bedroom units housed in 16 two- and three-story apartment buildings. Cannon Place Apartments, located in Graham, North Carolina, is a 74-unit affordable property consisting of 50 two-bedroom units, and 24 three-bedroom units in 9 two-story apartment buildings.
The financing for both properties was secured by Love Funding Director Kenneth Charbauski through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program insures mortgage loans to facilitate the purchase or refinancing of existing multifamily rental housing.
The FHA loans provided a significant reduction in interest rate for both properties and offered a fixed term and amortization of 35 years.
For more information, contact Kenneth Charbauski at (202) 887-8438.