Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of three loans totaling $4.72 million to refinance affordable apartment communities in Kentucky managed by the same company.
The Kentucky apartment communities being refinanced are Williamsburg Terrace Apartments in Paris, Sycamore Terrace Apartments in Shelbyville, and Pine Crest Apartments I & II in Elizabethtown. All three are managed by Southcreek Management Company and were refinanced by Love Funding Senior Director Tammy Tate through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program.
The HUD program insures mortgage loans to facilitate the purchase or refinancing of existing multifamily rental housing, enabling FHA lenders such as Love Funding to offer low-rate, non-recourse loans for developing, revitalizing or refinancing affordable rental housing. So far in fiscal 2015, the agency has committed to approximately $2.4 billion in multifamily loans through the 223(f) program.
For more information, contact Tammy Tate at (865) 386.4039 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.
