Love Funding announced the closing of three loans totaling $8.59 million to refinance the debt on a group of age-restricted, Section 8 apartments in Haslett, Michigan.
The three communities involved are part of the same development – Grange Acres – and were built in different phases from 1972 to 1982. Added up, they have 363 apartment units for low-income residents, the vast majority of which are restricted to those aged 62 and older. The apartment buildings underwent extensive renovations under a green retrofit program in 2009 and 2010. The properties are owned by Grange Acres Non-Profit Housing Corporation and managed by First Housing Corporation.
Love Funding Midwest Regional Director Bruce Gerhart secured the loans through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Proceeds from the loans will in part be used to pay for needed repairs and fund replacement reserves.
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.
