Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $5.5 million loan to be used for the acquisition and renovation of Wesley Highland Meadows Apartments, a 200-unit Section 8 apartment community in Memphis, Tennessee.
The property is being purchased by Wesley Housing Corporation of Memphis, a non-profit that owns and/or manages more than 2,040 units of elderly and assisted living projects in Tennessee, Kentucky and Arkansas. As part of the purchase agreement, the buyer will renew the property’s Section 8 contract for an additional 20 years.
Love Funding Senior Director William E. Jones Jr. secured the financing through a pilot program established by the U.S. Department of Housing and Urban Development for expedited processing of loan applications that tap low-income housing tax credits for the purchase or refinancing of affordable apartment communities. The non-recourse nature of the loan enabled the borrower to lock in a low interest rate for the duration of the 35-year term and finance.
For more information, contact William Jones at (212) 953-0204.