Sub Rehab

|Tag: Sub Rehab

Virginia Acquisition and Sub Rehab Loan

Love Funding closed a $15.9 million loan for the acquisition and substantial rehabilitation of Ivy Tower, an affordable multifamily community in Newport News, Virginia. Ivy Tower is a 12-story high-rise comprised of 92 one-bedroom and 48 two-bedroom units located in the East End neighborhood of Newport News, bordering the Chesapeake Bay. All 140 units will be restricted to those earning less than 60 percent of the area median income (AMI) under the Low-Income Housing Tax Credit (LIHTC) program. The project also benefits from a Housing Assistance Payments contract. (more…)

2018-01-04T18:01:19+00:00Relevant Experience|

Sub Rehab and Conversion to Market-Rate Apartments

Love Funding closed $16.2 million loan for the substantial rehabilitation and conversion of two historic buildings in Davenport, Iowa into market-rate apartments. Gordon Van Tine Lofts will offer 113 one-, two- and three-bedroom lofts along with commercial space on the first floor of both buildings. The buildings, which are connected by a covered walkway, were built in the early 1900s and have been used as office and warehouse space. Project amenities will include a rooftop pool and observation deck, a fitness facility, a lounge/theater room, a multi-purpose room, and storage units. The existing buildings’ exterior, interior floors and roof structures will not be altered.
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2017-11-29T21:46:14+00:00Relevant Experience|

Refinance and Rehab Loan for Affordable Housing

Orlando Cloisters Rehab Refinance Loan

Orlando Cloisters | Orlando, FL

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. (more…)

2017-10-30T20:24:05+00:00Relevant Experience|

Sub Rehab Financing for Market-Rate Loft Apartments

Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of an $11.8 million loan for the conversion of a commercial high-rise building in downtown Montgomery, Alabama into market-rate loft apartments.

Historic Bells Lofts will offer 88 one- and two-bedroom apartments, along with 4,478 square feet of white box commercial space, in what was formerly known as the Bell Building. The 12-story high rise was the tallest in downtown Montgomery when it was built in 1907, with some aspects of the building inspired by Louis H. Sullivan’s Wainwright Building in St. Louis. The building was added to the National Register of Historic Places in 1981, and today sits across the street from the Rosa Parks Library and Museum. (more…)

2017-11-29T22:24:02+00:00Relevant Experience|