Love Funding’s Gerhart Secures $97 Million in FHA Financing for Midwest Multifamily Communities

WASHINGTON, DC - Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of 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 or refinancing of affordable or market-rate apartment projects across the United States.

The properties included in the recent transactions are: Manchester, a new market-rate apartment community in the Detroit suburb of Novi that will add 172 units; Encore Townhomes, a new market-rate townhouse community being developed in Utica, Michigan; Danbury Park Manor, an existing, 151-unit Section 8 multifamily community in Superior Township, Michigan; as well as two senior resident Section 8 multifamily communities in Illinois.

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., a $3 billion community banking organization headquartered in Effingham, Illinois. To learn more please visit our website and join us on Facebook and Twitter.