TODAY’S DEALS: Love Funding Closes $7M-Plus Refi Loan, and Other Transactions

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By Anuradha Kher, Online News EditorSterling Heights, Mich.–Love Funding recently closed a $7,327,000 refinance loan for Sterling Lake Apartments, a 261-unit multifamily complex located in Sterling Heights, Mich. Love Funding secured the funds using the HUD 207/233 (f) loan program for the borrower, LR Management. Terms of the deal include a 5.5 percent interest rate […]

By Anuradha Kher, Online News EditorSterling Heights, Mich.–Love Funding recently closed a $7,327,000 refinance loan for Sterling Lake Apartments, a 261-unit multifamily complex located in Sterling Heights, Mich. Love Funding secured the funds using the HUD 207/233 (f) loan program for the borrower, LR Management. Terms of the deal include a 5.5 percent interest rate and a 35-year amortization.Sterling Lake Apartments features one and two-bedroom apartment and townhome units. Amenities include a 24-hour fitness center, swimming pool and a well-equipped clubhouse. As a testament to its aesthetic value, the city of Sterling Heights honored Sterling Lake Apartments with the “Best of the Best” award for beautification three years in a row.Walker & Dunlop Closes $5,351,000 Refinance Loan for Garden-Style CommunityLos Angeles–Walker & Dunlop provided a $5,351,000 refinance loan for Point View Apartments located in Los Angeles. The loan was structured with a seven-year term and a 30-year amortization. The loan was underwritten to a 76 percent loan-to-value with a 1.25x debt-service coverage ratio. Walker & Dunlop was able to close the transaction within 45 days. Point View Apartments is a two-story garden-style apartment building, built in 1965. All 42 units were leased at closing.

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