UNION CITY, NJ-Love Funding, a provider of FHA financing, has closed on an $18.7 million refinance for Bella Vista Apartments, a 231-unit Section 8 apartment building here.
Love secured a 35-year loan at a fixed interest rate in the low 3% range, with a part of the funding allocated for repairs to the building. All the windows at Bella Vista are to be replaced with energy-efficient models to help save on energy costs.
Laura Saull-Smith of Love's Washington D.C. office arranged the financing through the U.S. Department of Housing and Urban Development's Section 223(f) loan insurance program. The program allows refinancing debt on multifamily properties originally funded through conventional or FHA-insured mortgages, as long as they do not require substantial rehabilitation.
Bella Vista is an age-restricted community for people age 62 and older. The property is owned and operated by Orlando Partners LLC and managed by Goldberg Realty Associates.
Love Funding is a FHA LEAN and MAP lender serving clients across the country from its headquarters in Washington and offices in Boston, Chicago, Cleveland, Dallas, Denver, Kansas City, Knoxville, Los Angeles, New York, Palm Beach and St. Louis. The company offers refinance, construction, rehabilitation and acquisition financing programs for multifamily, senior housing and healthcare facilities, including hospitals.
Love Funding is one of the Love Companies, a St. Louis-based investment holding company.
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