Dealmaker: Love Funding Secures $44M in Oklahoma, California

Love Funding, Washington, D.C., secured $43.6 million in HUD funds for apartment properties in Oklahoma City and Los Angeles.

Love Funding Senior Director Leonard Lucas secured $37.5 million in construction and permanent financing through HUD’s 221(d)(4) program for Chisholm Creek Apartments, a new market-rate Oklahoma City community.

“The 221(d)(4) program insures financing for the new construction or substantial rehabilitation of multifamily rental or cooperative housing for moderate-income families, the elderly and the handicapped,” Lucas said.

Charlie Nicholas, President and Owner of N.E. Construction, is developing the four-story 287-unit building as part of the Chisholm Creek master development in northwest Oklahoma City. Lucas said Nicholas oversaw the development and construction of more than 10,000 multifamily units through the southwest U.S. Love Funding last helped Nicholas finance construction of both phases of The Boulevard, a market-rate apartment complex in San Angelo, Texas.

Love Funding also secured $6.1 million to refinance Imani Fe Apartments, a 92-unit Los Angeles low-income housing community.

James Vanar, Senior Director with Love Funding, secured the financing through HUD’s Section 223(f) loan insurance program. He said loan proceeds will pay off existing debt, fund a replacement reserve and provide a permanent financing solution for the borrower. The non-recourse fixed-rate loan has a 35-year term.

Vanar said Imani Fe was built in 2009 with federal low-income housing tax credits and financial support from the City of Los Angeles. “The refinancing will help preserve the affordable nature of the apartments, which are restricted to residents earning less than 30-60 percent of the area median income,” he said. “Many of the residents are beneficiaries of Section 8 housing vouchers.”