8A — May 13 - 26, 2016 — Financial Digest — M id A tlantic
Real Estate Journal
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F inancial D igest
Gragg Cardona Partners purchases 68-unit affordable apartment community Love Funding secures $8.71 million loan for acquisition/rehabilitation of Arnold Gardens S
for up to 40 years for the new construction or substantial rehabilitation of multifamily rental or cooperative housing for moderate-income families, the elderly and the handi- capped. In this case, the property needed significant repairs that might have deterred a potential buyer. Built in 1971, Arnold Gardens required re- placement of all electrical sys- tems, hot water heaters, older windows and sliding glass doors, among other improve- ments. Love Funding was able to combine the non-recourse FHA financing with an award
of 4% low-income housing tax credits to help the buyer, Gragg Cardona Partners LLC , acquire the property and address the nearly $4 million in repair and improvement costs. Boston Capital agreed to purchase the tax credits. The transaction helps pre- serve 55 units of affordable housing at the property that are subject to a project-based Section 8 HAP contract and which will be extended for another 20 years. The remain- ing 13 units will be restricted to households earning 60 per- cent or less of the area median income. n EDA approves loan to fuel startup TRENTON, NJ — Fur- thering the State’s commit- ment to support biotechnology companies throughout their lifecycle, the New Jersey Economic Development Authority (EDA) approved Admera Health for a $1 mil- lion loan through the Edison Innovation VC Growth Fund. Located in South Plainfield, Admera Health is an advanced molecular diagnostics company focused on personalized medi- cine and non-invasive cancer testing. Admera Health plans to maintain its current staff of 51 and create an additional 30 new jobs over the next two years. “We are grateful to the EDA for the loan approved today,” Admera Health president and CEOGuanghui Hu, PhD, said. “We plan to use the funding as working capital as we con- tinue to grow and expand our customer base.” Created in 2011 to enhance support of early-stage busi- nesses that have attracted funds through venture capital (VC) investors, the Edison In- novation VCGrowth Fund helps companies directly finance uses such as hiring key staff, product marketing, and sales. Up to $1 million in subordinated convert- ible debt financing is available for venture capital-supported technology companies with min- imum commercial revenues of $500,000 in the prior 12 months. To be eligible for the Edison Innovation VC Growth Fund, companies must: be a devel- oper/owner of protected pro- prietary technology, employ 75% of its employees in New Jersey or commit to growing 10 high-paying jobs over two years; and occupy physical commercial office space. n
UITLAND, MD — Love Funding , one of the na- tion’s leading providers of FHA multifamily, affordable and healthcare financing, an- nounced the closing of an $8.71 million loan for the acquisition and substantial rehabilitation of Arnold Gardens, a 68-unit affordable apartment commu- nity in Suitland, MD. Senior director Holly Bray of Love Funding’s Washington DC office secured the financing through the U.S. Depart- ment of Housing andUrban Development ’s 221(d)(4) loan insurance program. The program insures financing
Arnold Gardens
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June 10th publication Editorial Requirements Include: Half page ad with 550 word article Deadline: May 27th, 2016 Contact: Barbara Holyoke Mid Atlantic Real Estate Journal Tel: 781-871-5298 x202 E-Mail to: BHolyoke@marejournal.com
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