MEMPHIS—Wesley Forest Townhomes, a two-phased garden-style townhome community in Memphis, has secured a loan refinancing. The assets were originally built as low-income housing tax credits (LIHTC).

Love Funding director Christopher Schilling of the New York office secured the financing for both transactions through the U.S. Department of Housing and Urban Development's 223(f) loan insurance program. The program allows the refinancing of debt on existing multifamily properties originally funded through conventional or FHA-insured mortgages, as long as they do not require substantial rehabilitation.

“Through these transactions, the ownership group was able to recapitalize the property and pay off the current debt while nearly cutting their debt service in half,” Schilling tells GlobeSt.com. “That will help keep this affordable housing property financially viable for the next 35 years.”