Love Funding, a subsidiary of Midland States Bancorp, Inc. and a provider of FHA multifamily, affordable and healthcare financing, announced the closing of a $13.5 million bridge loan for the construction and mini-permanent financing of Fairhaven Harbor Apartments, a market-rate community in Bellingham, Washington.
Fairhaven Harbor will offer commercial space on the first floor of a five-story building, along with 60 upscale apartments and penthouse units with bay views. There will also be two levels of parking.
The development is being led by Summit Construction Group, Inc., a commercial and residential construction firm with more than 25 years of experience with multifamily and commercial projects in the Bellingham market.
The bridge financing was secured by Love Funding Senior Director James Vanar, with funding provided by Love Funding’s parent company, Midland States Bank.
Borrower, David Ebenal said, “We are very excited about our project and feel fortunate to be working with a great partner who understands the construction process. I felt James understood multifamily projects and had strong expertise in the area. Having a financing partner that has knowledge of not only financing, but also construction, is a great benefit.”