WASHINGTON, DC – Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of three loans totaling $9.61 million for the refinancing of a group of affordable rental communities in California that are backed by low-income housing tax credits (LIHTCs).
The three properties being refinanced are Comfrey Senior Apartments and Hudson Bay Apartments in Galt; and Shadowbrook Apartments in Redding. Comfrey Senior Apartments serves mixed-income seniors 55 and older, and Hudson Bay and Shadowbrook offer affordable units.
The properties offer a total of 216 studio and two-bedroom units built between 2001 and 2002 with the assistance of LIHTCs. All three communities are owned by related entities of The Wentwood Companies and managed by Westlake Housing, both based in Austin, Texas.
Love Funding Senior Vice President of Business Development Jonathan Camps secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program, which helps preserve affordable multifamily housing. Using the program provided the development team with low-rate, non-recourse financing to refinance the existing loans, fund property improvements and provide a permanent financing solution.
For more information contact Jonathan Camps at 202.887.1825 or jcamps@lovefuning.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