Love Funding closed a $24.2 million FHA-insured loan to provide construction and permanent financing for Moon Meadows Apartments, a market-rate apartment complex in Rapid City, South Dakota.
The new community will offer 160 one-, two- and three-bedroom units in eight three-story garden-style buildings in the Rapid City Metropolitan Statistical Area. It will include climate-controlled hallways linking garages to unit entrances, a unique feature to provide protection during the Rapid City winters.
Love Funding senior director Peter Wessel provided the financing using the U.S. Department of Housing and Urban Development’s Section 221(d)(4) loan insurance program. The program provides low-rate, non-recourse financing for the construction and permanent financing of up to 40 years for multifamily properties.
Construction of Moon Meadows Apartments will be led by Consolidated Construction Company, Inc. The community has been designed by architectural firm Way Architects, P.C., and will be managed by Vertex Property Management. The project is classified as green and will be designed in accordance with the Energy Star for Homes standard.
Moon Meadows Apartments is part of the Moon Meadows Park development, which will include an office building, a hotel, retail space and a new medical and office park.
