Love Funding, a provider of FHA multifamily and healthcare financing, announced the closing of an $11.4 million loan refinancing for Willow Springs Apartments, a 154-unit market-rate apartment community in Puyallup.
Love Funding Director Artin Anvar of the Washington office secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan program, which allows for the purchase or refinancing of existing multifamily rental housing.
Using the program enabled Anvar to lock in a low interest rate over a 35-year term and permitted the ownership group to take out approximately $4 million in equity. The transaction will also help fund upgrades of the units’ kitchens and bathrooms, and maintain the property’s current cash flow levels.
The community, which consists of 11 apartment buildings and a club house building, was built in 1996 by current owner and operator Willow Springs Apartments LLC.