Finance L Iowa

Love Funding provides $16 million for Iowa apartment conversion

  

Love Funding, a provider of FHA multifamily, affordable and healthcare financing, announced the closing of a $16.2 million loan for the rehabilitation and conversion of two historic buildings in Davenport, Iowa, into market-rate apartments.

Gordon Van Tine Lofts will offer 113 one-, two- and three-bedroom lofts along with commercial space on the first floor of both buildings. The buildings, which are connected by a covered walkway, were built in the early 1900s and have been used as office and warehouse space. Project amenities will include a rooftop pool and observation deck, a fitness facility, a lounge/theater room, a multi-purpose room, and storage units. The existing buildings’ exterior, interior floors and roof structures will not be altered.

The financing was secured by Love Funding Senior Director Harry Cheatham and Director Brian Robertson through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Along with the low-rate HUD financing, the project will be funded with state and federal historic tax credit equity, state enterprise zone credit equity, and cash.

The development team consists of general contractor Estes Construction, Shive-Hattery architectural and engineering firm and Insight Management and Rentals.