Love Funding closed a $20.2 million loan for the construction and permanent financing of Encore at Deerhill, a market-rate multifamily community in Independence Township, Michigan.
Encore at Deerhill will consist of 31 ranch-style duplex, triplex and fourplex residential buildings, along with a clubhouse. The 26-acre property will house 92 luxury two-bedroom, two-bathroom units with attached garages. The community is located near the Village of Clarkston, a Detroit suburb.
The financing was secured by Love Funding Midwest Regional Director Bruce Gerhart and Director David Strachan through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program.
General contractor Fairview Construction Inc. will lead the development and KMG Prestige, Inc., a property management firm with deep roots in Michigan, will manage the finished site.
