Refinance and Rehab Loan for Affordable Housing

Affordable-Refinance-Loan_Orlando-Cloisters.jpg



Orlando Cloisters Rehab Refinance Loan Orlando Cloisters | Orlando, FL[/caption] Love Funding closed a $6.49 million loan for the refinance and rehabilitation of Orlando Cloisters, an age-restricted affordable community in Orlando, Florida. Orlando Cloisters is an 11-story building offering Section 8 efficiency and one-bedroom units to residents 62 years and older. The 101-unit community is located in a mixed-use neighborhood south of downtown Orlando. Love Funding Senior Director Tammy Tate secured the loans through the U.S. Department of Housing and Urban Developmentā€™s 223(f) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing, $2.9 million of which will be used to provide non-critical improvements and upgrades to the property. The mortgagor is a non-profit that originally developed the property in 1984 with a HUD Section 202 mortgage. BREC Development, LLC will oversee improvements and upgrades to the property. The existing Housing Assistance Payments (HAP) contract will be terminated and replaced by a new 20-year HAP contract. The property will continue to be managed by SPM Property Management, an agency with extensive experience managing HUD subsided properties. For more information, contact Tammy Tate at (865) 694-9600

Related Posts

InterPointe Apartment Homes November 26 1126 2013
Gates Manor December 31 1231 2013
Union Arcade May 14 514 2014
Marymount Manor May 27 527 2014
Encore Townhomes July 31 731 2014
Walnut Grove Nursing & Rehab November 13 1113 2014
River's Edge Apartments December 10 1210 2014
Santiam Memorial Hospital January 26 126 2015
Chisholm Creek Apartments May 25 525 2016
Overlook at Prestonwood September 16 916 2016