WASHINGTON, DC - Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $13.7 million loan for the construction and permanent financing of the second phase of Outlook Ridge, a market-rate multifamily community in Pueblo, Colorado.
The new construction will consist of five three-story garden style buildings joining five similar apartment buildings constructed during the first phase of development in 2014. The new buildings will house one-, two- and three-bedroom apartments, and all 10 buildings will share high-end community amenities.
The financing was secured by Love Funding Senior Director Peter Wessel through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Wessel previously secured HUD funding for the first phase of development.
N.E. Construction, LLP is leading the development, and the property will be designed by Godden Sudik Architects and managed by RSP limited.
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