WASHINGTON, DC - Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of an $18.5 million loan for the construction and permanent financing of Valencia Lofts, a new market-rate apartment community under development in Leon Valley, Texas.
Valencia Lofts will offer 192 one-, two- and three-bedroom units in 14 garden-style buildings situated on nearly nine acres in the northwest portion of San Antonio. The property will include two-story townhouses with attached garages and high-quality community amenities. Construction will be done under the International Energy Conservation Code (IECC) to meet design and construction requirements for energy efficiency. Currently, the site is vacant and will be a sister project to Barcelona Lofts, the developer’s adjacent multifamily project.
The financing was secured by Love Funding through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term.
The development will be a joint venture between Davila Construction and Loft Concepts. Davila Construction has 60 years of experience, including apartment construction with the San Antonio Housing Authority and HUD. Loft Concepts is the general contracting arm of the managing member of the ownership group, Milmo Investments. Milmo Group President Alberto F Milmo promotes economic development for the city of San Antonio in his capacity as Vice President of the City of Leon Valley Economic Development Corporation. He is an award-winning pioneer in urban loft development and is actively involved in the downtown rehabilitation program in San Antonio.
Valencia Lofts was designed by Joe F. Rodriguez, an architect who has been in practice for more than 55 years and has extensive experience in multifamily residential architecture. The project will be managed by SunRidge Management Group, a HUD-experienced full-service management company.
For more information, contact Love Funding Senior Vice President of Business Development Jonathan Camps at 202-887-1825 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.