WASHINGTON, DC - Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $6.4 million loan for the refinance of Ashley Park Apartments, a market-rate multifamily community in Thomasville, Georgia.
Ashley Park Apartmentsis a four-story elevator complex offering 84 one-, two- and three-bedroom units with high-end finishes and community amenities including a pool, dog park and parking deck that provides ample parking. The site consists of seven acres that were subdivided from a 25.6 acre parcel at closing. The property was originally constructed in 2012 in a mixed residential commercial neighborhood.
Love Funding Senior Director Tammy Tate secured the loan through U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the development team with low-rate, long-term, non-recourse financing to pay off the existing loan, fund some minor repairs to the property and provide a permanent financing solution for the mortgagor.
Owner and manager Philip Young is CEO of Young America Property, LLC. Young will partner with nLee Management and Consulting, LCC, who bring to the team 25 years of property management experience.
About Love Funding: Love Funding is a leading HUD lender serving clients across the country from its headquarters in Washington D.C. and offices nationwide. The company offers acquisition, refinance, construction, rehabilitation and bridge financing programs for market-rate multifamily and affordable housing, healthcare facilities and hospitals. Love Funding is a subsidiary of Midland States Bank, Inc., a $5.7 billion community banking organization headquartered in Effingham, Illinois. To learn more please visit our website and connect with us on LinkedIn and Twitter.