Love Funding proudly secured one of the first HUD-insured loans for a modular construction project. With it’s increasing popularity, we expect to see an increase in the number of modular construction projects nationwide. Learn more about our experience, modular construction and Carrino Plaza Apartmentments below.
CARRINO PLAZA APARTMENTS
Love Funding arranged a $7.95 million loan for the construction and permanent financing of Carrino Plaza Apartments, a new apartment community built with modular units in Newark, NJ.
Carrino Plaza Apartments was one of the first modular construction projects to be approved under HUD’s 221(d)(4) loan program. Modular construction not only decreases overall construction costs but also produces reliable, high-quality multifamily developments.
“With Love Funding’s expert help, understanding and coordination with HUD, we were able to get this difficult modular construction development through the HUD process. Without Love Funding, we probably wouldn’t have been able to proceed, so we’re thankful and we look forward to a long relationship as our lender and many more projects together.”