Affordable Senior Community in TX Lands $6M Refi
Love Funding has provided the FHA loan for the refinancing and rehabilitation of the 156-unit affordable community in Texarkana, which is restricted to tenants 55 and over.
By Beata Lorincz
After securing $22 million in bridge financing for the construction of a North Carolina multifamily property, Love Funding has announced the closing of a $5.6 million FHA loan for the refinancing and renovation of Winfield Estates, a 156-unit affordable senior community in Texarkana, Texas. The site is managed by Ruel Hamilton’s AS Management Services LLC.
Obtained through the U.S. Department of Housing and Urban Development’s (HUD’s) Section 223(f) loan insurance program, the low-rate, non-recourse financing enabled the owner to refinance the current debt associated with the community, fund a replacement reserve and conduct renovations.
Situated at 3535 S. Lake Drive, Winfield Estates is adjacent to Interstate 369. The site is also near the Liberty-Eylau School District and the Flower Acres Baptist Church. Constructed in 2001 using 9 percent tax credits, the property includes 39 single-story buildings available for residents 55 and over, with maximum earnings of 50 or 60 percent of the area median income. Ten percent of the apartments are secured for tenants with physical or mental disabilities.
Image via Google Street View