10A — August 11 - 24, 2017 — Multifamily Financing — Financial Digest — M id A tlAntic
Real Estate Journal
www.marejournal.com
M ultifaMily f inancing
A collection of 89 units spread over 64 separate tax parcels Love Funding secures $13 million FHA loan for refinance and rehabilitation of Section townhomes
AMDEn, nJ — Love Funding , one of the nation’s leading pro- viders of FHA multifamily, affordable and healthcare financing, announced the clos- ing of a $13 million FHA loan to refinance and rehabilitate Camden Townhomes, a scat- tered-site, affordable housing property located in Camden. Camden Townhomes is a collection of 89 units spread over 64 separate tax par- cels scattered throughout the Lanning Square and Bergen Square areas of Camden City. The property will be renovated C
using the loan proceeds and 4 percent low-income housing tax credits (LIHTCs) provided by the New Jersey Depart- ment of Community Affairs, which originally purchased and assembled the units in 1992. At the time, the property was recognized as a single manageable and marketable development, and awarded a 15-year Section 8 project- based voucher contract as part of a substantial rehabilitation. As part of the latest transac- tion, the project has been approved for a new 20-year contract.
Love Funding senior director Leonard Lucas of the com- pan\·s %oston office obtained the financing through the 8.6. Department of Housing and 8rban 'evelopment·s 6ection 221(d)(4) mortgage insurance program. The program pro- vides low-rate, non-recourse financing for up to 40 \ears to fund the new construction or substantial rehabilitation of multifamily rental or coop- erative housing for moderate- income families, the elderly and the handicapped. Added up, the renova- tion will result in more than $125,000 in improvements for each of the units being rehabbed. All s\stems and fix- tures are being replaced with energ\ efficient upgrades. n Arbor )irst to cross $2b threshold in Freddie Mac small balance loans UnIOnDALE, nY — Ar- bor Realty Trust, Inc. a real estate investment trust and national direct lender specializing in loan origina- tion and servicing for mul- tifamily, seniors housing, healthcare and other diverse commercial real estate as- sets, today announced it has surpassed a milestone in its small balance loan history as the first lender to reach billion in Freddie Mac Small Balance loans. “Our volume, capacity and borrower loyalty are all well in excess of what we could have predicted when the Small Balance Loans program launched, and that’s largely due to the remarkably strong relationship we’ve built with Freddie Mac,” said Arbor chairman, president and CEO, Ivan Kaufman . “The product was created with the unique needs of the smaller multifamily participant in mind, and it has evolved to meet their changing demands as the multifamily cycle has progressed. We are excited to continue to provide a stable, reliable financial solution that supports the workforce housing goals associated with smaller multifamily assets.” Arbor was a key contribu- tor in the development of the program, which launched in late 2014, and has been the program’s top lender in 2015 and 2016. n
Camden Townhomes
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