Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $10.3 million loan for the acquisition of Cedar Grove Senior Citizens Housing, a 150-unit, age-restricted Section 8 apartment building in Cedar Grove, New Jersey.
Cedar Grove was built in 1983 and is restricted to tenants aged 62 and older. Its ownership is being transferred from Cedar Grove Senior Citizens Housing Inc. to 100 Cedar Ridge Drive Urban Renewal LP. The property will continue to be managed by Raymond P. Marzulli Co. Building Blocks Non-Profit Housing Corp., a nonprofit corporation based in Michigan, will be a minority owner. Since its founding in 1994, Building Blocks has helped preserve more than 1,900 units of affordable housing.
Love Funding Midwest Regional Director Bruce Gerhart secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program for the purchase or refinancing of existing multifamily rental housing. Using the program enabled the borrower to obtain low, fixed rate, non-recourse financing for a 35-year term.
For more information, contact Bruce Gerhart at (216) 583-0812.