Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $14.3 million loan to rehabilitate Thorpe Village, a senior apartment community in Sparkill, New York.
Thorpe Village consists of 200 age-restricted units, of which 198 are covered by a Section 8 contract. Originally built in 1981, the property is owned and managed by a non-profit corporation run by the Dominican Sisters of Sparkill. The rehabilitation will include replacing windows, improving insulation, and installing new kitchen flooring, cabinetry, appliances, and energy-efficient boilers and water heaters.
Love Funding Midwest Regional Director Bruce Gerhart secured the loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The non-recourse nature of the program enables borrowers to secure low-rate financing for up to 40 years for the new construction or substantial rehabilitation of apartment housing for moderate-income families, the elderly and the handicapped.
For more information, contact Bruce Gerhart at (216) 583-0812 or visit www.lovefunding.com.
About Love Funding
Love Funding is an experienced FHA lender serving clients across the country from its headquarters in Washington D.C. and offices in Boston, Chicago, Cleveland, Columbus, Dallas, Denver, Kansas City, Knoxville, Los Angeles, New York, Norfolk, Palm Beach, St. Louis and Tampa. The company offers refinance, acquisition, construction and substantial rehabilitation financing programs for market-rate, affordable and senior housing; healthcare facilities and hospitals. Love Funding is a subsidiary of Midland States Bancorp, Inc., a community-based financial holding company headquartered in Effingham, Illinois. To learn more please visit our website and join us on Facebook and Twitter.
