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...)
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...)
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...)
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...)
A Demo for partnership: HUD’s RAD program taps private dollars to preserve affordable public housing
By Mark Dellonte, Opinion Contributor — Published 10/27/17 10:15 AM EDT on The Hill
In many public housing communities around the country, conditions are quickly becoming unlivable. Collectively, public housing authorities (PHAs) face a backlog of $26 billion in deferred… (more...)
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...)
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 recently closed five loans totaling $97 million for five multifamily communities in the Midwest. Love Funding Midwest Regional Director Bruce Gerhart secured the loans through the U.S. Department of Housing and Urban Development’s multifamily loan insurance programs. The programs provide non-recourse, low-rate, long-term financing for the construction, substantial rehabilitation… (more...)