LOVE FUNDING SECURES $9,690,800 IN FINANCING FOR THE VILLAGE AT ARBORWOOD

Love Funding, a national mortgage-banking firm, is pleased to announce the closing of a $9,690,800 construction and permanent 221(d)4 loan for the Village at Arborwood, a 120-unit Senior Independent Living complex in Granger, Ind. Bruce Gerhart, Midwest Regional Manager based in Love Funding’s Cleveland office, originated the loan.

The Village at Arborwood will consist of 54 one-bedroom units and 66 two-bedroom units once the three-story elevated building is complete.  Located in the growing South Bend/Mishawaka metro area, Reenders, Inc. is building this project adjacent to its existing Arborwood Assisted Living facility.  The campus being created in Granger will supply a spectrum of housing and services for seniors.

Gerhart has represented Reenders for the past six years for its assisted living, memory care and senior independent housing developments.  This loan was closed at a 5.77 percent interest rate for both the construction and permanent self-amortizing loan of 40 years.  The property will resemble a model the firm has built several times that has been well received in northern Indiana and southern Michigan.

For more information, contact Bruce Gerhart at 216.583.0812 or bgerhart@lovefunding.com, or visit www.lovefunding.com.

Love Funding is one of the Love Companies, an investment holding company with origins dating back to 1875. Love Funding commenced mortgage-banking operations in 1984 and continues to serve clients across the United States from its offices in Atlanta, Boston, Chicago, Cleveland, Dallas, Denver, Detroit, Knoxville, Los Angeles, New York, Palm Beach, St. Louis, San Antonio and Washington D.C. The company offers funding programs for multifamily, affordable housing, condominium development, healthcare, hospitality and recreational, shopping centers, office buildings, light industrial and manufactured housing properties. Love Funding’s sources include conduits, life companies, Agency and FHA. Services include refinance and acquisition loans for existing properties and construction and development loans for most property types.      

Julie Hauser/Pamela Powell     or           Bruce Gerhart
The Hauser Group                             Love Funding
314.436.9090                                  216.583.0812