Love Funding Secures $14.4 Million Loan for Refinance of Mixed-Income, Age-Restricted Villa Community in North Richland Hills, TX
Love Funding closed a $14.4 million loan for the refinance and permanent financing of the Villas on Bear Creek, an age-restricted affordable rental community in North Richland Hills, TX. The Villas on Bear Creek offer 240 mixed-income, one- and two-bedroom units located in five three-story elevator buildings. The units are restricted to those 60 years and older, and 180 are affordable. The community is located in North Richland Hills, near Fort Worth, and includes a two-story clubhouse and other amenities. Villas on Bear Creek was constructed in 2000 with the assistance of low-income housing tax credits (LIHTCs). The financing was secured by Love Funding Senior Vice President of Business Development Jonathan Camps through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Proceeds from the loan will be used to refinance the existing mortgage on the property, purchase the Investor Limited Partner (ILP) interest, and make improvements to the property. The ownership is under the umbrella of The Wentwood Companies. The community will remain under the management of Westlake Housing, LP. For more information contact Jonathan Camps at 202.887.1825 or firstname.lastname@example.org.