• Love Funding Provides Financing for Affordable Communities in Michigan

    Love Funding Secures $7.2 Million Loan for Construction of Two Affordable Communities in Michigan

    Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of $7.2 million in loans for the construction of 501 Eastern and Stockbridge Apartments, two affordable communities in Grand Rapids, MI.

    The two communities… (more...)

  • Tax Credit Equity Bridge Loans: A Creative Financing Solution

    An increase in labor and material costs, as well as rising interest rates, have added significant stress in the production of affordable housing nationwide. As the margin for Low Income Housing Tax Credit (LIHTC) deals becomes increasingly tight, a creative approach to financing such transactions is essential. One effective solution is a tax credit equity bridge loan.… (more...)

  • Everything You Need to Know About Modular Construction

    Not too long ago, if you were to bring up modular construction, thoughts immediately went to a low quality, cheap, below standard product. But today the perception of modular construction is changing. Developers are beginning to embrace modular construction and its potential benefits for new projects. With today’s technological advances, modular construction is now producing reliable,… (more...)

  • Rehab and Refinance of Detroit Senior Community

    Love Funding closed a $7 million loan for the refinance and rehabilitation of Central Towers Apartments, an affordable senior community in southwest Detroit, Michigan. Central Towers consists of 232 one-bedroom and two-bedroom apartments in two high-rise buildings. All but two of the units are currently covered by a Section 8 housing assistance payment (HAP) to help subsidize rents,… (more...)

  • Refinancing of California Affordable Apartments

    Love Funding closed three loans totaling $9.61 million for the refinancing of a group of affordable rental communities in California that are backed by low-income housing tax credits (LIHTCs). The three properties being refinanced are Comfrey Senior Apartments and Hudson Bay Apartments in Galt; and Shadowbrook Apartments in Redding. Comfrey Senior Apartments serves mixed-income seniors 55… (more...)

  • Affordable Housing Finance FAQ

     Financing for affordable housing communities can get tricky. It oftentimes requires a combination of debt and equity sources and a complex analysis of available financing tools. Love Funding has done it all. Our team has extensive experience underwriting HUD-insured loans involving tax-exempt bonds, low-income housing tax credits (LIHTCs), historic tax credits, new… (more...)

  • Construction Financing for MI Section 8 Apartments

    Love Funding closed two loans totaling $16.4 million to build a new multifamily housing community for low-income residents in Ecorse, Michigan. Renaissance Estates of Ecorse is being built in two concurrent phases on the land that previously held the Wade H. McCree Plaza and Voisine Terraces Apartments. The project will replace the current units built between 1952 and 1962 with 200 affordable… (more...)

  • Acquisition/Rehab Financing for MI Apartments

    Love Funding closed a $9.9 million loan to purchase and significantly rehabilitate Newman Court Apartments, an affordable community in Pontiac, Michigan.

    Newman Court Apartments offers 172 one-, two- and three-bedroom units. The apartments are located in 19 one- and two-story buildings originally constructed in 1971 and 1972. The property will undergo significant renovations through… (more...)

  • Refinance Loan for Detroit Affordable Housing Community

    Love Funding closed an $6.66 million loan for the refinancing and repair of Greenhouse Apartments, an affordable senior living community in Detroit. Greenhouse Apartments offers 208 age-restricted, one-bedroom units and one two-bedroom manager’s unit in a 10-story building. All of the age-restricted units are covered under a Section 8 HAP contract, and all 209 units are restricted under the… (more...)