Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $20 million construction-to-permanent loan for Aventine at Wilderness Hills, a new market-rate apartment community under development in Lincoln, Nebraska.
Love Funding Senior Director Robyn Cunningham of the St. Louis office, together with Director Adrian Hartman, secured the financing through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) loan insurance program for multifamily construction projects. Using the program enabled the borrowers to lock in a fixed, low-rate, non-recourse loan for a 40-year term once construction is completed.
Aventine at Wilderness Hills will offer 220 market-rate, garden-style apartment units in a total of 12 two- and three-story buildings. The site is located in an area that includes a mixture of commercial, retail and housing where the City of Lincoln is already planning to add several large commercial and residential projects in the near future.
The project is being developed by a partnership between the Sterling Group Inc. of Mishawaka, Indiana, and Braxton Development of Bozeman, Montana. The general contractor is Sterling Construction Corp. and the project will be managed by Sterling Management. SGN+A is the architecture firm.
Separately, Cunningham and Hartman teamed to secure two other FHA-insured loans in other states: a $3.58 million loan refinancing for Howard Street Apartments in Chicago, and a $1.25 million refinancing for Blues Farm Estates in Laurinburg, North Carolina.
For more information, contact Robyn Cunningham at (314) 512-7955 or Adrian Hartman at (314) 512-8736.