Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $15.7 million loan for the refinancing of Legends Terrace Apartments, a market-rate apartment complex in Eureka, Missouri.
Legends Terrace Apartments is a 176-unit development that consists of a clubhouse and eight separate three-story apartment buildings with a mix of one-, two- and three-bedroom units. The development was constructed in 2003 and is situated on a 10-acre plot in Eureka, a western suburb of St. Louis. The subject is near retail outlets, medical and recreational facilities and the popular destination Six Flags St. Louis.
The financing was secured by Love Funding Senior Director Robyn Cunningham and Director Adrian Hartman through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the borrower with a low-rate, non-recourse mortgage to be used to refinance the existing loan, fund a replacement reserve and provide a permanent financing solution for the borrower.
Maha Alul is the key principal of the subject’s owner-management firm, Legends Apartments, L.L.C. Alul has extensive ownership, management and rental experience. Monty Taha, Alul’s brother, has been a particular source of strength to the management team, working with Alul since 2003 to fully lease the property from 30% and maintaining full capacity, with a waiting list, over the past 12 years.