LEONARD LUCAS OF LOVE FUNDING SECURES $2,442,000 REFINANCE LOAN FOR CASA EDAD DE ORO IN HARTFORD, CONN.

Love Funding today announced that its Boston office closed a $2,442,000 refinance loan for a senior housing property in Hartford, Conn.  Leonard Lucas, First Vice President and Senior Loan Originator with Love Funding’s Boston office, originated the transaction.

Lucas secured the loan for Casa Edad de Oro, a 36-unit, not-for-profit, section 8 elderly housing development. The property was built in 1990 pursuant to the HUD 202 program. The existing mortgage had a $2,121,700 balance and carried an 8.375 percent interest rate. Lucas employed the HUD 202/223(f) program; raised funds for needed property repairs and improvements; lowered the interest rate from 9.25 percent to a new fixed-rate of 5.9 percent (with a 35-year amortization period); and reduced the annual debt service payment by $8,117.

The non-profit borrower used mortgage proceeds in excess of the original mortgage balance to pay for all the costs associated with the transaction and substantially increase an almost depleted Replacement Escrow Account. The borrower was also able to make many needed repairs and desired improvements to this 17-year old property, which included acquiring an adjoining land parcel that will be used to provide much needed resident parking.  Love Funding acknowledges the assistance provided by the Local Initiatives Support Corporation and the Hartford Foundation for Public Giving in the form of a loan to the borrower so that it could meet pre-closing costs associated with and included in the HUD loan.

For more information, contact Leonard Lucas at 617.638.0055, 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 serves 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 and Washington D.C. The company offers refinance, construction, and acquisition financing programs for multifamily, affordable housing, senior housing, healthcare, hospitality, office buildings, retail, light industrial, and special purpose properties. Love Funding’s lending sources include CMBS firms, life companies, banks, credit companies and FHA.      

Leonard Lucas
Love Funding
617.638.0055