WASHINGTON, DC - Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $5.59 million FHA loan to refinance and rehabilitate Winfield Estates, an age-restricted, affordable community in the border city of Texarkana, Texas.
Winfield Estates offers 156 one- and two-bedroom units in 39 one-story buildings that were originally built in 2001 using 9 percent tax credits. All units are restricted to tenants 55 years and older and are tax-credit-restricted at 50 percent or 60 percent of the area median income (AMI). Ten percent of the units are reserved for tenants with physical or mental disabilities.
Love Funding obtained the financing through the U.S. Department of Housing and Urban Development’s (HUD’s) Section 223(f) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing to refinance current debt associated with the property, fund a replacement reserve, and make repairs.
The partnership group is led by Ruel and Dana Hamilton. The property is managed by Ruel Hamilton’s AS Management Services, LLC.
For more information, contact Mark Dellonte at 202-887-1871 or visit www.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