Love Funding recently closed two loan transactions to refinance and substantially rehabilitate affordable apartment communities in the Detroit suburbs that cater to the elderly and disabled.
The two projects, Lakeside Towers in Sterling Heights and Park Place of Harper Woods, are owned by subsidiaries of National Church Residences, a non-profit organization that has been involved in affordable housing for more than 50 years and have more than 24,000 units in 28 states under ownership and management. Both properties were competitively awarded 9 percent Low-Income Housing Tax Credits through the Michigan State Housing Development Authority.
Love Funding midwest regional director Bruce Gerhart secured the loans through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan program, which insures financing for the new construction or substantial rehabilitation of apartment properties.
