Love Funding Closes $12.7 Million Acquisition Loan for Affordable, Age-Restricted Community in Memphis, TN
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $12.7 million loan to be used for the acquisition and renovation of St. Peter Manor, an age-restricted community in Memphis, TN.
Love Funding Senior Director Tammy Tate secured the loan through U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the development team with low-rate, long-term, non-recourse financing to pay off the existing loan, fund approximately $9.3 million in repairs to the property and provide a permanent financing solution for the mortgagor. Love Funding worked closely with HUD to get the loan closed under tight timing restraints.
St. Peter Manor consists of 283 units in one 10-story building. The community was awarded 9% low income housing tax credits (LIHTC) through the Tennessee Housing Development Agency. St. Peter Manor will remain an affordable community, serving seniors with incomes at or below 60% of the area median income and offering Section 8 rental assistance. As part of the purchase agreement, the buyer will renew the property’s Section 8 contract for an additional 20 years.
Donald Ollio, Vice-President and Chief Financial Officer of Wesley Housing Corporation of Memphis commented, “All of us are grateful for the partnerships we have created over the past four years to provide such improvements to the lives of the seniors we serve.”
The property is being managed by Wesley Housing Corporation of Memphis (d.b.a. Wesley Living), a faith-based non-profit that owns and/or manages more than 2,000 units of elderly and assisted living projects in Tennessee, Kentucky and Arkansas.
For more information, contact Tammy Tate at email@example.com or 865.694.9600 or visit www.lovefunding.com.