Love Funding, a provider of FHA multifamily and healthcare financing, announced the closing of a $4.05 million loan refinancing for Parkway Court Apartments, a 116-unit apartment complex in Normal.
Love Funding Senior Director Jon Wagenknecht of the Chicago office secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan program. Using the program, which insures lenders against loss on debt secured for multifamily rental housing, helped the borrower obtain a low, fixed interest rate for a 35-year term, generating more than $125,000 in annual interest expense savings.
Parkway Court Apartments includes 11 two-story apartment buildings and was built between 1998 and 2001. The property was developed by Don Franke, who has been in the business of developing single-family and multi-family residences since 2001.
The transaction is the fourth FHA refinancing that Wagenknecht has closed this year for multifamily properties in the Midwest region.