Love Funding Secures $12 Million Refinancing for Section 8 Apartment Community in Seat Pleasant, Maryland


Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $12 million loan refinancing for Pleasant Home Apartments, a Section 8 project-based apartment community in Seat Pleasant, Maryland.
 
Love Funding Senior Director Holly Bray of the Washington office secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Using the program enabled Bray to lock in a low interest rate over a 35-year term.

The property, which was built in 1950, contains a leasing office, a community center, two swimming pools, four playgrounds and a basketball court. The community center is a focal point for residents and neighbors in the surrounding area, as it offers targeted educational, recreation and other programs each month for youth and seniors.
 
The transaction is Bray’s third multifamily refinancing in Maryland this year. In April, she closed loan refinancings totaling $11 million for two garden style apartment communities in Baltimore.
 
For more information, contact Holly Bray.

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