WASHINGTON, DC - Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $4.5 million loan for the refinance and preservation of John P. Renna House, an age-restricted, affordable apartment community in West Orange Township, New Jersey.
John P. Renna House has 183 units, 181 of which are restricted to tenants age 62 and older or those with disabilities. The nine-story building contains a mix of studios and one and two-bedroom units. The property is owned by the West Orange Senior Citizens Housing Association, Inc. and managed by Raymond P. Marzulli Co., Inc.
Love Funding Midwest Regional Director Bruce Gerhart secured the loan through the U.S. Department of Housing and Urban Development’s Section 223(f) mortgage insurance program after the units were converted through HUD’s Rental Assistance Demonstration (RAD) program. The RAD program provides for the conversion of public housing units to private ownership while sustaining their affordability through long-term Section 8 contracts.
As part of the transaction, a new 20-year housing assistance payments contract was put in place for the 181 units. In addition, the financing provided the ownership team with low-rate, non-recourse financing for a 15-year term, and part of the proceeds will be used to fund repairs and a replacement reserve account.
For more information, contact Bruce Gerhart at (216) 583-0812 or visit www.lovefunding.com.
About Love Funding: Love Funding is an experienced FHA lender serving clients across the country from its headquarters in Washington D.C. and offices nationwide. The company offers refinance, construction, rehabilitation and acquisition financing programs for multifamily and affordable housing, healthcare facilities and hospitals. Love Funding is a subsidiary of Midland States Bank, Inc. (NASDAQ: MSBI), a $3 billion community banking organization headquartered in Effingham, Illinois. To learn more please visit our website and join us on Facebook and Twitter.