WASHINGTON, DC – Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $7.02 million loan for the refinance and rehabilitation of Central Towers Apartments, an affordable senior community in southwest Detroit, Michigan.
Central Towers consists of 232 one-bedroom and two-bedroom apartments in two high-rise buildings. All but two of the units are currently covered by a Section 8 housing assistance payment (HAP) to help subsidize rents, and the borrower renewed their Section 8 contract as part of the transaction. The two remaining units are low-income housing tax credits (LIHTC) restricted at 60 percent AMI.
Love Funding Director David Strachan and Midwest Regional Director Bruce Gerhart secured the loans through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for a 35-year term. Financing proceeds will be used to pay off current debt, complete repairs and fund the reserve account.
Central Tower Apartments received approval for Payment in Lieu of Taxes (PILOT), which helps keep the property affordable by making it exempt from certain tax payments for a period of time.
For more information, contact David Strachan at (216) 925-4788 or Bruce Gerhart at (216) 583-0812 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