WASHINGTON, DC - Love Funding closed a $4.2 million loan for the refinance of Arbor Terrace Apartments, an affordable, multifamily community in San Diego, Ca. The community is comprised of 71 two-, three- and four-bedroom units and offers its residents a community room, courtyard, recreational room, laundry room and an on-site office. Arbor Terrace Apartments was constructed with low income housing tax credits (LIHTCs) in 2009 and currently all of the revenue producing units carry a LIHTC component.
Love Funding’s President Jonathan S. Camps obtained the financing for Arbor Terrace Apartments through the U.S. Department of Housing and Urban Development’s 223(f) loan program. This program provided the team with low-rate, non-recourse financing to refinance the existing loan, fund property improvements and preserve affordable housing by providing a permanent financing solution. Love Funding worked closely with the borrower and the San Diego Housing Commission to overcome timing constraints and the various subordinations needed to secure financing.
The ownership is under the umbrella of The Wentwood Companies. The community will remain under the management of Westlake Housing, LP. With offices in Texas, Oregon and Ohio, Wentwood currently manages 46 funds with original capitalization of $7.5 billion and property investments across 47 states and Puerto Rico.
For more information, contact Jonathan S. Camps at jcamps@lovefunding.com or 202.887.1825 or visit www.lovefunding.com
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 non-bank subsidiary of Midland States Bancorp, Inc., a $5.64 billion community banking organization headquartered in Effingham, Illinois. To learn more please visit our website and connect with us on LinkedIn and Twitter.