GEORGE MCGOVERN OF LOVE FUNDING’S CLEVELAND OFFICE SECURES FHA LOAN FOR HIGHLAND CREST APARTMENTS

National mortgage-baking firm Love Funding today announced that its Cleveland office closed a $358,000 loan for Highland Crest Apartments, a 20-unit multifamily complex in Toledo, Ohio. George McGovern, who serves as Director of Affordable Housing for Love Funding and as President of Love Funding’s broker/dealer underwriting service, LFC Securities, LLC, originated the transaction.

McGovern secured the funds using the FHA 223a7 loan program for the borrower, Highland Crest Associates, Ltd., with Dennis Kennedy acting as General Partner. The loan was a Mark-To-Market transaction with OAHP, and terms of the deal included a 6.0 percent fixed interest rate and a 30-year amortization. The recent transaction brings the total amount Love Funding has closed for the borrower to more than $11 million.

For more information, contact George McGovern at 216.583.0811, 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, Cleveland, Dallas, Denver, Detroit, Knoxville, 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, FNMA, FHLMC and FHA.

George McGovern

Love Funding

216.583.0811