Love Funding has announced the closing of a $5.67 million loan refinancing for Residence at Mill Creek, a 48-unit apartment community in Geneva that is owned by the Shodeen family.
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 Wagenknecht provide a low interest rate for a 35-year term, generating more than $125,000 in annual interest expense savings.
Residence at Mill Creek is one of six multifamily properties owned by Shodeen interests in the Tri-City area of Illinois. Kent Shodeen started his group of companies in 1961 and built them into one of the largest developers and managers of retail, office, multifamily and residential properties in the Fox Valley area.
In January, Wagenknecht closed a $12.5 million loan refinancing for another Shodeen property, Covington Court Apartments. The 208-unit apartment community is located in St. Charles.
