WASHINGTON, DC - Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of 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.
Love Funding Senior Director Tammy Tate secured the loans 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, $2.9 million of which will be used to provide non-critical improvements and upgrades to the property.
The mortgagor is a non-profit that originally developed the property in 1984 with a HUD Section 202 mortgage. BREC Development, LLC will oversee improvements and upgrades to the property. The existing Housing Assistance Payments (HAP) contract will be terminated and replaced by a new 20-year HAP contract. The property will continue to be managed by SPM Property Management, an agency with extensive experience managing HUD subsided properties.
For more information, contact Tammy Tate at (865) 694-9600 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.