Real Estate Journal — Owners, Developers & Managers — March 24 - April 13, 2017 — 3B
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M id A tlantic
O wners , D evelopers &M anagers Bray obtains loan through the 223(f) Love Funding secures $17.9m loan for refinance
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eat Pleasant, MD — Love Funding announced the closing of a $17.9 mil- lion loan for the refinancing of Pleasant Homes Apartments, an affordable apartment community in Seat Pleasant. Senior director Holly Bray of Love Funding’s Washington D.C office secured the financing through the U.S. Department of Housing and Urban Develop- ment’s 223(f) loan insurance program. The HUD program pro- vided the development teamwith low-rate, non-recourse financing for a 35-year term. Pleasant Homes Apartments are governed by Section 8 hous- ing assistance payments (HAP) contract that expires in 2023, however a use agreement pro- vides that 40% of the units re- main restricted to those earning 60 percent or less of the area median income until 2033. “HUD’s new streamlined pro- cessing in the northeast region was a huge help in refinancing this property so quickly,” said Bray, who added that HUD was able to process the application in just 24 calendar days. n S • The University of Penn- sylvania's Pennovation Center is a phenomenon of a building that's a machine for sparking new growth, bringing together researchers, inventors, and students across Philadelphia. • AeroFarms is a cutting- edge urban farm that grows produce for local food markets and restaurants across New- ark. The Newark campus in- cludes a suite of buildings that span processing, shipping and receiving, a growing/cooling space and laboratory, and event space and corporate offices. • The design for the Linde Technology Center drives the speed of delivery by facilitating collaboration and innovation. With intentionally balanced laboratory spaces with work- places and customer interaction spaces, the project arranges offices and co-working spaces adjacent to a resource-rich “col- laboration spline“. KSS Architects is a full- service architecture, plan- ning, and interior design firm in Princeton, NJ and Philadelphia, PA. n continued from page 2B KSS Architects . . . where colleagues can engage with each other's work and ideas are critical for an innova- tion center that inspires. Who’s at the forefront?
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