WASHINGTON, DC - Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $4.7 million loan to be used for the refinance of Victory Centre of Bartlett Senior Apartments, an age-restricted community in Bartlett, Illinois.
Love Funding Director Ken Charbauski secured the loan through U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the borrower with low-rate, long-term, non-recourse financing to pay off the existing loan and fund some minor repairs to the property. The Love Funding team worked closely with the borrower to subordinate additional debt.
Victory Centre of Bartlett Senior Apartments was built in 2007 and was originally awarded low-income housing tax credits (LIHTCs) through the Illinois Housing Development Authority. The community offers 104 units dedicated to residents 55 and older and features many amenities, including a library, dining area, clinics, salon and a fitness center.
For more information, contact Ken Charbauski at kcharbauski@lovefunding.com or 202-887-8438 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.
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