LONGMONT, CO-Love Funding, one of the nation's leading providers of FHA multifamily and healthcare financing, has closed on a $26.5 million loan refinancing for Fox Ridge Apartments.
Love Funding senior director Peter Wessel of the Denver office secured the loan through the U.S. Department of Housing and Urban Development's 223(a)(7) loan program. The program allows the refinancing of debt on existing multifamily properties previously funded through FHA-insured mortgages, as long as they do not require substantial rehabilitation. It also allows up to 12 years to be added to the remaining loan term, without exceeding the original term. In this case, Wessel was able to extend the loan back to its initial 40-year term.
The transaction is the second refinancing arranged by Wessel in two years for the property's ownership group, and will generate more than $175,000 in annual debt service savings. Interest rates near record lows have helped many multifamily property owners reduce their debt burden and improve their cash flows.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
