WASHINGTON, DC - Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $15.9 million loan for the acquisition and substantial rehabilitation of Ivy Tower, an affordable multifamily community in Newport News, Virginia.
Ivy Tower is a 12-story high-rise comprised of 92 one-bedroom and 48 two-bedroom units located in the East End neighborhood of Newport News, bordering the Chesapeake Bay. All 140 units will be restricted to those earning less than 60 percent of the area median income (AMI) under the Low-Income Housing Tax Credit (LIHTC) program. The project also benefits from a Housing Assistance Payments contract.
The financing was secured by Love Funding Senior Director Leonard Lucas through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The 4 percent LIHTC bond allocation was made by the Virginia Housing Development Authority. The project sponsor is Weston Associates, a Boston-based affordable housing developer and operator. Additionally, an LIHTC bridge loan was extended by Sterling Bank and R4 Capital provided the tax credit equity.
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 websiteand join us on Facebook and Twitter.