Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $14.1 million loan to refinance Huntington Meadows Apartment Homes, a 200-unit affordable apartment community in Austin, Texas.
Love Funding Senior Director Laura Saull-Smith secured the financing 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 ownership group to lock in a low, fixed rate for a 35-year term, fund a replacement reserve and free up more than $1 million to pay for repairs and upgrades, including new flooring, paint, paving and appliances.
Purchased in 2015 by Decker Lane Partners, LP, the project was originally built in 1998 as Gardens at Decker Lane, which drew on funding support from low-income housing tax credits (LIHTCs). Decker Lane Partners LP, and their management company, AmeriSouth Realty, took over the property in 2011 and reversed the high vacancies through sound, active management. The project’s turnaround–evidenced by its nearly 100 percent occupancy—is in large part due to AmeriSouth Realty’s experience and their founder Ruel Hamilton, who has spent his career transitioning properties to quality affordable housing.
“Love Funding was a pleasure to work with from beginning to end,” said AmeriSouth Chief Operating Officer John Hamilton. “They bring the organization and professionalism of a large firm, while retaining the ability to be flexible when necessary. It was a smooth process throughout.”
For more information, contact Laura Saull-Smith at (202) 887-1851 (w) or (202) 422-9694 (m) or visit www.lovefunding.com.