Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $17.3 million loan refinancing for Versante Apartments, a market-rate apartment community in Avondale, Arizona.
Love Funding Director Artin Anvar of the Washington office secured the financing through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan program. Using the program enabled the property’s owner to lock in a low, fixed interest rate and extend the loan term by five years, generating approximately $175,000 in annual debt service savings.
Versante Apartments, which consists of 336 market-rate apartment units, was built in 2007 with financing secured through HUD’s 221(d)(4) loan insurance program for new construction projects. The gated community features a lagoon-style pool with private cabanas, a spa, a clubhouse, a business center, and a 24-hour fitness center.
“This was a challenging transaction due to a number of financing issues but Artin and the Love Funding team were able to put the financing in place and deliver significant debt service savings for us,” said Devan Wastchak, a founding partner at project sponsor VIVO Partners.
The borrower is Retreat at Waterford Multi-Family LP and the management agent is MEB Management Services.
For more information, contact Artin Anvar.