Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $25.7 million loan for the construction/permanent financing of Sagebrush Apartments, a proposed market-rate apartment complex in Jackson, Wyoming.
Love Funding Senior Director Leonard A. Lucas secured financing for the project through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) loan insurance program. The program provided the development team with low fixed rate, non-recourse financing for the construction period plus a subsequent 40-year term.
Sagebrush Apartments is surrounded by the Teton and Gros Ventre mountain ranges in Jackson, Wyoming, which is a renowned destination for world-class skiing, climbing, fishing, whitewater rafting and wildlife sightseeing. Sagebrush Apartments will feature 90 units, onsite leasing office, workroom, computer station and lounge with coffee area and double-sided fireplace. The basement level will include a fitness center and ski repair area. Outdoor project amenities will include bike parking, access to Flat Creek and an outdoor terrace with patio and fire pit. The project will also make workforce housing available to residents of Teton County.
Sagebrush development team is led by John Shelton and Brad Lacour of Trident Partners of Dallas, Texas. ARRIVE Architecture Group of Bedford, Texas is the design architect, and the general contractor is Big-D Construction of Ogden, Utah. The property will be managed by NE Property Management of Lewisville, Texas.
For more information, contact Leonard A. Lucas at firstname.lastname@example.org or 857.257.6039.