WASHINGTON, DC - Love Funding, a subsidiary of Midland States Bancorp, Inc. and one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $13.5 million bridge loan for the construction and mini-permanent financing of Fairhaven Harbor Apartments, a market-rate community in Bellingham, Washington.
Fairhaven Harbor will offer commercial space on the first floor of a five-story building, along with 60 upscale apartments and penthouse units with bay views. There will also be two levels of parking. The community is located in the highly sought-after Urban Village Commercial Core District of Fairhaven and enjoys broad support from local government. The development is being led by Summit Construction Group, Inc., a commercial and residential construction firm with more than 25 years of experience with multifamily and commercial projects in the Bellingham market.
The bridge financing was secured by Love Funding Senior Director James Vanar, with funding provided by Love Funding’s parent company, Midland States Bank.
“I very much have enjoyed working with Midland States Bank and Love Funding,” said the borrower, David Ebenal. “We are very excited about our project and feel fortunate to be working with a great partner who understands the construction process. I felt James understood multifamily projects and had strong expertise in the area. Having a financing partner that has knowledge of not only financing, but also construction, is a great benefit.”
Love Funding introduced the bridge loan platform in May 2015 as a means for providing interim funding support for acquisition and refinancing applications on HUD multifamily and healthcare loans. The platform was later expanded to include tax credit equity bridge loans, and construction/mini-perm financing for multifamily and healthcare development.
“The bridge program allows our clients market-rate construction and mini-perm financing and provides a seamless transition to the long-term, fixed-rate HUD market,” said Vanar. “The combined construction, stabilization and mini-perm package offers a unique option not easily found in the market.”
For more information, contact James Vanar at (949) 215-1682 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 $4.3 billion community banking organization headquartered in Effingham, Illinois. To learn more please visit our website and join us on Facebook and Twitter.
About Midland States Bancorp, Inc. Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of September 30, 2017, the Company had total assets of $4.3 billion and its Wealth Management Group had assets under administration of approximately $2.0 billion. Midland provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, and insurance and financial planning services. In addition, commercial equipment leasing services are provided through Heartland Business Credit, and multi-family and healthcare facility FHA financing is provided through Love Funding, Midland’s non-bank subsidiaries. For additional information, visit www.midlandsb.com