WASHINGTON, DC - Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $5.24 million loan to refinance Town Centre Senior Apartments, an affordable community in Broomfield, Colorado.
Town Centre Senior Apartments consists of 88 affordable one-bedroom and two-bedroom units restricted to individuals aged 55 and higher. The units are housed within one three-story building originally constructed in 2001 with the assistance of low-income housing tax credits. The property sits between Boulder and Denver, in the foothills of the Rocky Mountains.
The financing was secured by Love Funding Senior Vice President of Business Development Jonathan Camps through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing that will pay off two existing loans. Part of the proceeds will be used to complete necessary repairs and fund the reserve account.
One challenge that needed to be addressed during the refinancing process was the existence of a regulatory floodway on the property where improvements were in place, namely a carport structure and an asphalt parking area. Normally, the existence of improvements within a floodway would have ruled out the project for FHA-insured financing. However, Love Funding won the agency’s approval to proceed because the existing debt on the property was a HUD risk-share loan, and no new construction, rehabilitation or renovations beyond routine maintenance were being proposed.
For more information, contact Jonathan Camps at 202-887-1825 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.