Love Funding Secures $5.83 Million Loan Refinancing for Multifamily Facility in Champaign, IL


CarisbrookeLove Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $5.83 million refinancing loan for the Carisbrooke Apartments, a market-rate apartment community in Champaign, Illinois.
 
Midwest Regional Director Bruce Gerhart of Love Funding’s Cleveland office secured the 35-year refinancing loan through the U.S. Department of Housing and Urban Development’s 223(f) program, which insures mortgage loans for the refinancing of multifamily housing for moderate-income families.

Carisbrooke Apartments, which is comprised of 128 units spread over nine buildings, was built in phases from 2003 to 2005. The loan will help the ownership group refinance debt taken out during Phase I of the project. The development team was new to FHA financing before 2012, when it successfully refinanced other phases of the Carisbrooke Apartments community. Since then, it has used FHA financing for several other multifamily projects in Illinois.
 
Separately, Love Funding announced that Gerhart secured $8.18 million in financing for the rehabilitation of a senior care facility in Redford, Michigan.
 
For more information on the Carisbrooke Apartments closing, contact Bruce Gerhart at (216) 583-0812.

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