Love Funding Scores Refi for Austin Affordable Community
The property will be subjected to a $1 million renovation project.
By Anca Gagiuc, Associate Editor
Huntington Meadows Apartment Homes, Austin, Texas
Austin, Texas—Love Funding announced it has closed a $14.1 million loan to refinance the 200-unit Huntington Meadows Apartment Homes, an affordable apartment community in Austin.
Senior Director Laura Saull-Smith secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. This enabled the ownership to lock in a low fixed-rate for a 35-year term, fund a replacement reserve and free up more than $1 million for repairs and upgrades, including new flooring, paint, paving and appliances.
Huntington Meadows Apartment Homes was originally built in 1998 as Gardens at Decker Lane with support from low-income housing tax credits (LIHTCs). Decker Lane Partners and its management company AmeriSouth Realty took over the property in 2011 and four years later added it to its portfolio.
The community offers one- to four-bedroom floor plans and several amenities, including a fitness center, swimming pool, walk-in closets and laundry facilities.
Image courtesy of Love Funding
