Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $22.2 million loan for the construction and permanent financing of The Boulevard Phase II, the next stage of a successful market-rate apartment complex in San Angelo, Texas.
Love Funding Director Chad Ricks of the Dallas office secured the loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Utilizing the program enabled the property’s owner to obtain a fully amortizing loan with a low fixed interest rate for the initial 18-month construction period followed by a 40-year term.
Ricks first worked with the property’s developer, NE Development, in securing FHA financing for the first phase of the project in 2012. The Boulevard Phase I leased up in only six months, paving the way for HUD to consider Phase II financing on an accelerated timeframe. The current project will add 224 market-rate units to the 198 already built.
“Chad and Love Funding proved themselves to be as thorough and responsive as our first experience with them,” Charlie Nicholas of NE Development. “Their intimate knowledge of HUD’s programs put us in a position to meet all of our deadlines.”
NE Development was founded in 2009 to develop sustainable apartment communities throughout the country. The company’s construction subsidiary, NE construction, has built more than 1,100 units with financing secured through HUD’s 221(d)(4) program.
For more information, contact Chad Ricks at (972) 458-2900.