TODAY’S DEALS: Love Funding Closes Three Loans of Over $9M, and Other Transactions
- Apr 06, 2009
By Anuradha Kher, Online News EditorEden, N.Y., Holland, Mich.–Love Funding recently closed three loans, totaling $9,526,300, for two assisted-living facilities and one multifamily housing complex located in three different states. Midwest Regional Director Bruce Gerhart secured $8,825,100 in financing for two assisted living facilities in New York and Michigan. He closed a $4.9 million refinance loan for the Eden Heights of Eden (pictured), which is located in Eden, N.Y. and features 74 units and 120 beds. Terms of the loan, which was financed through HUD’s 232/223(f) loan program, include a 6.05 percent interest rate and a 33-year amortization. Gerhart also secured a $3,925,100 loan through HUD’s 241(a) program for the 131-unit Appledorn Living Center III, located in Holland, Mich. Terms include a 7.5 percent interest rate and a 31-year amortization. The proceeds of the loan are being used for a 30-unit addition and for the retrofitting of the heating and air conditioning systems with a geothermal field for long-term energy efficiency.Love Funding also closed a $701,200 refinance loan for the 25-unit Muskingum Arc Apartments, a 16,320-sq.-ft. rental complex located in Zanesville, Ohio. Love Funding was able to secure financing for the borrower through HUD’s 207/223(f) loan program and lock in a fixed interest rate of 6.25 percent, with a 35-year term. The loan will also help the borrower finance the construction of a 1,328-sq.-ft. activity building and parking lot. The transaction was aided with a grant from the Ohio Housing Finance Agency, which will cover all critical and non-critical repairs that the borrower will make to the property.Arbor Closes $7,225,000 Fannie Mae DUS LoanMattapan, Mass.–Arbor Commercial Funding LLC recently completed funding of a $7,225,000 loan under the Fannie Mae DUS Loan product line for the 55-unit complex known as Tennis Road Apartments in Mattapan, Mass.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.12 percent.