WASHINGTON, DC - Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $5.2 million loan for the refinance and preservation of Bay Hill II Apartments, a mixed-income multifamily community in Traverse City, Michigan.
Bay Hill II Apartments offers 36 market-rate units and 36 affordable units backed by low-income housing tax credits (LIHTCs), which are restricted to those earning 60 percent of the area median income. The 72 apartments are a mix of one-, two- and three-bedroom units originally constructed in 1999 and opened in 2000. The property’s ownership group is led by Hollander Development Corporation and Great Lakes Traverse City Developers, and it is managed by KMG Prestige.
The financing was secured by Love Funding Midwest Regional Director Bruce Gerhart through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The program provided the development team with low-rate, non-recourse financing for a 35-year term. Part of the proceeds from the transaction will be used to pay for needed repairs and fund a new reserve account.
For more information, contact Bruce Gerhart at (216) 583-0812 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. (NASDAQ: MSBI), a $3 billion community banking organization headquartered in Effingham, Illinois. To learn more please visit our website and join us on Facebook and Twitter