Love Funding Secures $5.5 Million Loan for Acquisition and Renovation of Affordable Apartment Community in Memphis, Tennessee
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.