WASHINGTON, DC - Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $5.91 million loan refinancing for Fieldstone Townhomes, a 96-unit market-rate townhome community in Bryant, Arkansas.
Love Funding Director Dana Blair of the Tampa office secured the financing through the U.S. Department of Housing and Urban Development’s 207/223(f) loan program. The program enabled the property’s owner to lock in a low, fixed interest rate over a 35-year term, generating $106,000 in annual debt service savings.
The borrower, Fieldstone LLC, purchased the property in September 2011 using conventional financing. HUD’s 207/223(f) loan program allows for the purchase or refinancing of existing multifamily rental housing that was originally financed with conventional or FHA-insured mortgages.
For more information, contact Dana Blair at (972) 788-8053, or visit www.lovefunding.com.
About Love Funding
Love Funding is a fully-approved HUD LEAN and MAP lender serving clients across the country from its headquarters in Washington D.C. and offices in Boston, Chicago, Cleveland, Dallas, Denver, Kansas City, Knoxville, Los Angeles, New York, Palm Beach, Tampa and St. Louis. The company offers refinance, construction and acquisition financing programs for multifamily, senior housing and healthcare facilities, including hospitals. Love Funding is one of the Love Companies, a St. Louis-based investment holding company with origins dating back to 1875. To learn more please visit our website and join us on Facebook and Twitter.