WASHINGTON, DC - Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $20.2 million loan for the construction and permanent financing of Encore at Deerhill, a market-rate multifamily community in Independence Township (Clarkston), Michigan.
Encore at Deerhill will consist of 31 ranch-style duplex, triplex, and fourplex residential buildings, along with a clubhouse. The 26-acre property will house 92 luxury two-bedroom, two-bathroom units with attached garages. The community is located near the Village of Clarkston, a Detroit suburb.
The financing was secured by Love Funding Midwest Regional Director Bruce Gerhart and Director David Strachan through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program.
“This is our fourth deal closed with Love Funding totaling nearly $90 million in loans,” said Michael Furnari, Owner of Fairview Construction. “We are currently working on the next set of deals which will nearly double this amount. We keep coming back to Love for a reason: they get our deals done!”
General contractor Fairview Construction will lead the development and KMG Prestige, Inc., a property management firm with deep roots in Michigan, will manage the finished site.
For more information contact Bruce Gerhart at (216) 583-0812 or bgerhart@lovefunding.com or David Strachan at (216) 925-4788 or dstrachan@lovefunding.com.
About Love Funding: Love Funding is a leading HUD lender serving clients across the country from its headquarters in Washington D.C. and offices nationwide. The company offers acquisition, refinance, construction and rehabilitation financing programs for market-rate multifamily and affordable housing, healthcare facilities and hospitals. Love Funding is a subsidiary of Midland States Bank, Inc., a $4.3 billion community banking organization headquartered in Effingham, Illinois. To learn more please visit our website and join us on Facebook and Twitter.