South Dakota Market-Rate Apartment Construction
$24.2 Construction Loan for South Dakota Apartments

Love Funding closed a $24.2 million FHA-insured loan to provide construction and permanent financing for Moon Meadows Apartments, a market-rate apartment complex in Rapid City, South Dakota. The new community will offer 160 one-, two- and three-bedroom units in eight three-story garden-style buildings in the growing Rapid City Metropolitan Statistical Area (MSA). It will offer high-end amenities including climate-controlled hallways linking garages to unit entrances, a unique feature to provide protection during the Rapid City winters.

Love Funding Senior Director Peter Wessel provided the financing using the U.S. Department of Housing and Urban Development’s (HUD’s) Section 221(d)(4) loan insurance program. The program provides low-rate, non-recourse financing for the construction and permanent financing of up to 40 years for multifamily properties.

Construction of Moon Meadows Apartments will be led by Consolidated Construction Company, Inc. The community has been designed by architectural firm Way Architects, P.C. and will be managed by Vertex Property Management. The project is classified as green and will be designed in accordance with the Energy Star for Homes standard.

Moon Meadows Apartments is part of the Moon Meadows Park development, which will include an office building, a hotel, retail space, and a new medical and office park. For more information, contact Peter Wessel at 303-777-5016 or

Related Posts

Prairie Vista Luxury Apartments October 22 1022 2013
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
Imani Fe Apartments May 19 519 2016
Chisholm Creek Apartments May 25 525 2016