Love Funding Secures $37.5 Million in Financing for New Market-Rate Apartment Project in Oklahoma City
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $37.5 million loan for the construction and permanent financing of Chisholm Creek Apartments, a new market-rate apartment project in Oklahoma City, Oklahoma. Love Funding Senior Director Leonard A. Lucas of the Boston office secured the financing through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) loan insurance program. The program insures financing for the new construction or substantial rehabilitation of multifamily rental or cooperative housing for moderate-income families, the elderly and the handicapped. The 287-unit, four-story building is part of the Chisholm Creek master development in northwest Oklahoma City, and will feature a unique, urban-style wrap layout that encompasses a courtyard and pool area and includes a parking garage at each end. Other amenities will include a clubroom, a business center, a fitness center, a coffee bar and two dog parks. The development is being led by Charlie Nicholas, founder, president and sole owner of N.E. Construction, the project’s general contractor. Nicholas has been involved in the development, construction and ownership of multifamily real estate for more than 30 years. During this time, he has overseen the development and construction of more than 10,000 multifamily units through the U.S. Southwest. Love Funding last helped Nicholas finance the construction of both phases of The Boulevard, a successful market-rate apartment complex in San Angelo, Texas. For more information, contact Leonard Lucas at (617) 638-0055.