Love Funding Secures $4.8M HUD Refi Loan, and Other Transactions
- Feb 20, 2009
Boston–Love Funding’s Boston office has secured a $4,813,600 refinance loan for St. Peter Apartments (pictured), a 127-unit multifamily housing complex located in Columbia, Penn. Love Funding secured the loan through the HUD 202/223(f) loan program and used its experience with the HUD 202 refinance program to assist the borrower in meeting the HUD requirement of “single asset entity” ownership. This property had previously been legally linked to another. The challenge of this transaction was separating the two. Terms of the deal included a 6.03 percent fixed interest rate and a 26-year amortization, which accommodated the borrower’s desire to own the property without debt at the earliest possible time. Bank San Francisco Awards Over $79M in AHP GrantsOakland, Calif.–The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) has awarded $79.6 million in Affordable Housing Program (AHP) grants in 2008, funding that will provide an additional 9,355 affordable owner and rental units in Arizona, California, Nevada and other parts of the country served by Bank member institutions.Grants from the FHLBank San Francisco’s AHP include $2.89 million for projects in the Oakland area congressional district of Rep. Barbara Lee (CA-9th), who was also named as the recipient of FHLBank San Francisco’s 2008 Friends of Affordable Housing Award.”Our AHP program is more important than ever,” says Lawrence H. Parks, Senior Vice President, Legislative and External Affairs, FHLBank San Francisco. “As the nation deals with a recession, and the housing market is in a steep decline, the AHP is helping to provide funding for affordable housing projects that will make a difference to many urban and rural communities.”The 2008 AHP grants will produce 333 new rental units in Rep. Lee’s congressional district. The projects funded are:St. Joseph’s Senior Apartments ($415,000), an 84-unit rental development in Oakland sponsored by BRIDGE Housing Corporation, which worked with FHLBank San Francisco member JPMorgan Bank and Trust Company to secure the grant.Altenheim Senior Housing, Phase II ($1,000,000), an 81-unit rental development in Oakland sponsored by Citizens Housing Corporation, which worked with FHLBank member Silicon Valley Bank to secure the grant.Maud Booth House of Hope ($364,500), a 50-unit rental development in Oakland sponsored by Volunteers of America – Bay Area, which worked with FHLBank member OneCalifornia Bank to secure the grant.Amistad House ($350,000), a 60-unit rental development in Berkeley sponsored by Satellite Housing, Inc., which worked with FHLBank member Mississippi Valley Life Insurance Company to secure the grant.Harrison House of the Village Renovations ($767,000), a 58-unit rental development in Berkeley sponsored by Building Opportunities for Self-Sufficiency (BOSS), which worked with FHLBank member Bank of the West to secure the grant.