WASHINGTON, DC – Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $17.9 million loan for the refinancing of Pleasant Homes Apartments, an affordable apartment community in Seat Pleasant, Maryland.
Senior Director Holly Bray of Love Funding’s Washington D.C office secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for a 35-year term.
Pleasant Homes Apartments offers 286 one- and two-bedroom units in 32 garden style apartment buildings. All of the units are governed by Section 8 housing assistance payments (HAP) contract that expires in 2023, however a use agreement provides that 40 percent of the units remain restricted to those earning 60 percent or less of the area median income until 2033.
Originally built in 1950, the property was acquired and substantially rehabilitated in 1981 by current owner Gregory Estates Limited Partnership. The project has been under the management of Edgewood Holding Corporation since that time.
“HUD’s new streamlined processing in the northeast region was a huge help in refinancing this property so quickly,” said Bray, who added that HUD was able to process the application in just 24 calendar days. “It’s a good time for owners and developers who were once put off by historically longer processing times to give the multifamily programs a fresh look.”
For more information, contact Holly Bray at (202) 887-1849 or visit www.lovefunding.com.
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