TODAY’S DEALS: Love Funding Closes Construction/Permanent Loan of $47M for 432-Unit Rental Community, and Other Transactions

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By Anuradha Kher, Online News Editor  Palm Beach, Fla.–Love Funding recently closed a $47,212,900 new construction/permanent loan for the Village at Secret Lake, a planned 432-unit multifamily housing community in Kissimmee, Fla. Upon completion, the Village at Secret Lake will be comprised of 12 separate four-story elevator buildings, and residents will be able to enjoy […]

By Anuradha Kher, Online News Editor  Palm Beach, Fla.–Love Funding recently closed a $47,212,900 new construction/permanent loan for the Village at Secret Lake, a planned 432-unit multifamily housing community in Kissimmee, Fla. Upon completion, the Village at Secret Lake will be comprised of 12 separate four-story elevator buildings, and residents will be able to enjoy views of a conservation area, pond and an oversized resort-style pool. Love Funding was able to provide funds for the construction of the proposed development through an FHA-insured loan based on a 1.17:1 debt cover ratio. By utilizing HUD’s 221(d)(4) loan program. Love Funding was able to lock in a fixed interest rate of 6.25 percent with a non-recourse 40-year term and amortization for the borrower, Village at Secret Lake L.P. Hendricks & Partners Arranges Sale of 480-Bed Community for 12.5MKalamazoo, Mich.–Hendricks & Partners has arranged the sale of University Club at Howard, a 480-bed student housing community serving Western Michigan University and its 24,500 students, for $12,500,000. Located in Kalamazoo, Mich., University Club was sold through a receivership sale with Kevin Larimer of Hendricks & Partners National Student Housing Advisory Group acting as the court appointed disposition receiver.Selling the asset through receivership instead of post-foreclosure allowed the servicer to provide debt to the new purchaser. University Club is a 120-unit luxury student housing community located directly across from Western Michigan University. The community features four-bedroom/two-bath units with an average unit size of 1,436 sq. ft. The community was constructed in 2001 on a 9.3-acre site.

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