Love Funding announced the closing of $51.2 million in loans to refinance four mixed-income apartment communities in Texas, three of which are age-restricted.
The four properties being refinanced are Villas in the Pines, Villas at Pine Lake and Villas on Woodforest in Houston; and Villas by the Lake in Ft. Worth.
The properties offer a total of 908 apartment units built between 1998 and 2001 with the assistance of low-income housing tax credits (LIHTCs).
All four communities are owned by related entities of The Wentwood Companies and managed by Westlake Housing, both based in Austin.
Love senior vice president Jonathan Camps secured the financing for the portfolio through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program, which provided low-rate, non-recourse financing to refinance the existing loans, purchase the current ILP interest, fund property improvements and provide a permanent financing solution.
The borrower was able to take advantage a lower mortgage insurance premium rate and a higher leverage loan constraint.