Love Funding Secures $4.72 Million in Funding to Refinance Affordable Apartment Communities in Kentucky
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of three loans totaling $4.72 million to refinance affordable apartment communities in Kentucky managed by the same company. The Kentucky apartment communities being refinanced are Williamsburg Terrace Apartments in Paris, Sycamore Terrace Apartments in Shelbyville, and Pine Crest Apartments I & II in Elizabethtown. All three are managed by Southcreek Management Company and were refinanced by Love Funding Senior Director Tammy Tate through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program insures mortgage loans to facilitate the purchase or refinancing of existing multifamily rental housing, enabling FHA lenders such as Love Funding to offer low-rate, non-recourse loans for developing, revitalizing or refinancing affordable rental housing. So far in fiscal 2015, the agency has committed to approximately $2.4 billion in multifamily loans through the 223(f) program. For more information, contact Tammy Tate at (865) 386.4039.