Dealmaker: Love Funding Secures $67M for Multifamily
Love Funding, Washington, D.C., secured $33.5 million in construction financing for Michigan and Colorado multifamily properties.
In Independence Township, Mich., Love Funding Midwest Regional Director Bruce Gerhart and Director David Strachan closed a $20.2 million HUD 221(d)(4) construction and permanent financing loan for Encore at Deerhill.
When completed, the market-rate Encore at Deerhill community will include 31 ranch-style duplex, triplex and fourplex residential buildings on 26 acres.
The firm also secured $13.7 million through the 221(d)(4) loan insurance program to construct the second phase of Outlook Ridge, a market-rate multifamily community in Pueblo, Colo. Senior Director Peter Wessel arranged the financing for sponsor N.E. Construction LLP.
The five new three-story garden-style buildings will join five similar apartment buildings constructed during the first development phase in 2014.
Love Funding also closed a $15.9 million loan that will finance Ivy Tower, an affordable multifamily community in Newport News, Va.
Weston Associates, Boston, acquired the 12-story high-rise in Newport News’ East End neighborhood bordering the Chesapeake Bay and plans to substantially rehabilitate the property. All 140 units will be restricted to families earning less than 60 percent of area median income.