Search
 

Love Funding Secures Loan for West Orange Seniors Complex

WEST ORANGE, NJ—The funding through HUD's Section 223(f) mortgage insurance program will refinance and preserve age-restricted housing at John P. Renna House.

By Paul Bubny | paulbubny | Updated on April 28, 2017

Exterior of seniors housing complex The complex was named after NJ politician John P. Renna.

WEST ORANGE, NJ—Love Funding said Thursday it had closed on a $4.5-million loan for John P. Renna House, a Section 8 seniors apartment community here. The Washington, DC-based FHA lender, which serves multifamily, affordable, healthcare and hospital owners, secured the debt to refinance and preserve age-restricted housing at the complex.

Bruce Gerhart, Midwest regional director for Love Funding, secured the loan through the HUD’s Section 223(f) mortgage insurance program after the units were converted through the Rental Assistance Demonstration program. HUD’s RAD program provides for the conversion of public housing units to private ownership while sustaining their affordability through long-term Section 8 contracts.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.