TODAY’S DEALS: Love Funding Secures Over $9M for 216-Unit Rental Community, and Other Transactions
- Apr 17, 2009
By Anuradha Kher, Online News EditorWashington, D.C.–Love Funding has closed a $9,401,500 refinance loan for a multifamily housing complex located in Colorado Springs, Colo. The firm was able to secure FHA financing for the transaction.Love Funding closed the loan for the 496,623 sq. ft., 216-unit Apollo Village (pictured). By utilizing HUD’s 223(f) loan program, Love Funding was able to secure a 6.25 percent fixed interest rate with a 35-year amortization for the borrower, Apollo Apartments LLC. This transaction brings the total amount Love Funding has secured for Apollo Apartments, LLC to more than $13 million.Arbor Closes $8,775,000 Fannie Mae DUS LoanBellingham, Wash.–Arbor Commercial Funding LLC recently completed funding of a $8,775,000 loan under the Fannie Mae DUS product line for the 171-unit property known as Brampton Court Apartments in Bellingham, Wash.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.86 percent.