Love Funding Secures $7.04 Million in Financing to Convert Historic Milwaukee Building for Market-Rate Lofts


Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $7.04 million loan to convert a historic building in downtown Milwaukee, Wisconsin, so it can be used for market-rate loft apartments.
 
Love Funding Senior Director Harry Cheatham of the St. Louis office secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan program. The program provides non-recourse construction and permanent financing for new apartments or substantial rehabilitation of existing buildings into apartments.

The three-story project, which will be called Junior House Lofts, is located at the corner of 3rd and Pierce Streets in Milwaukee’s Fifth Ward neighborhood. The building was originally constructed in the early 1900s and formerly served as a clothing factory and warehouse. The renovation project, which has been awarded federal and state historic tax credits, will yield 50 loft apartments, putting residents within walking distance of shopping, restaurants and night life. The general contractor is KBS Construction Inc.
 
In another historic tax-credit transaction, Love Funding earlier this month secured $20.5 million in FHA financing to convert a former textile and rubber products factory in Kansas City, Missouri, for market-rate loft apartments.
 
For more information, contact Harry Cheatham.

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