Dealmaker: Love Funding Secures $81M
Love Funding, Washington, D.C, closed three loans totaling $81.3
million for multifamily and senior housing properties in New Jersey and Wyoming.
The firm secured $55.6 million in construction and permanent financing for Riverside Village Senior Apartments and Riverside Village Family Apartments in Paterson, N.J.
Love Funding Director Leonard Lucas sourced the funds through HUD’s Section 221(d)(4) loan insurance program. The program provided the development team with non-recourse financing through the construction process and for a subsequent 40-year term.
When completed, Riverside Village Senior Apartments will include 81 units in a four-story elevator-serviced building, part of public housing development Riverside Terrace. Riverside Village Family Apartments will have 165 townhouse-style rental units. Both projects are led by Roizman Development, Plymouth Meeting, Pa.
Riverside Village Family Apartments will be the second phase of the Riverside Terrace master redevelopment plan.
Lucas also closed a $25.7 million construction/permanent financing loan for Sagebrush Apartments, a proposed market-rate apartment property in Jackson, Wyo., through the 221(d)(4) program.
Sagebrush Apartments is surrounded by the Teton and Gros Ventre mountain ranges in Jackson, a destination for skiing, climbing, fishing and whitewater rafting. The 90-unit property will make workforce housing available to Teton County residents.