Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of an $11.3 million loan for the refinance and rehabilitation of Danbury Park Manor, an affordable multifamily community in Superior Township, Michigan.
Danbury Park Manor consists of 20 residential buildings that contain 151 one-, two- and three-bedroom ranch-style units and townhouses. Each residence has a private, ground-floor entrance. The majority are subsidized under an existing Section 8 HAP contract, and five units are subsidized under Section 236. Originally constructed in 1971 and rehabilitated in 2002, the property includes a community building and amenities.
Love Funding Midwest Regional Director Bruce Gerhart secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for a 35-year term.
“There were a few twists and turns along the way with this loan, and Love Funding was a huge help,” said Cheryl Chorazewitz, chief financial officer of the ownership group, Larc Community Development Group. “This was a very smooth ‘first’ deal and hopefully the start of many more.”
Larc Community Development Group was founded by current president Laurence S. Tisdale. Tisdale is an advocate of affordable housing who has developed or preserved more than 6,000 units of affordable housing in Michigan and currently owns 27 multifamily properties. Danbury Park Manor will continue to be managed by Lockwood Management, LLC, a property management firm that specializes in HUD-financed and/or program administration and has a strong presence in southeast Michigan.
For more information, contact Bruce Gerhart at (216) 583-0812 or visit www.lovefunding.com.
About Love Funding
Love Funding is a leading HUD lender serving clients across the country from its headquarters in Washington D.C. and offices nationwide. The company offers refinance, construction, rehabilitation and acquisition financing programs for multifamily and affordable housing, healthcare facilities and hospitals. Love Funding is a subsidiary of Midland States Bank, Inc., a $3.4 billion community banking organization headquartered in Effingham, Illinois. To learn more please visit our website and join us on Facebook and Twitter.
