Love Funding closed a $47.6 million loan for the construction and permanent financing of Allure on the Parkway, a market-rate, multifamily community in Sanford, Fl.
The community is comprised of 290 one- and two-bedroom units in two, four-story buildings. Allure on the Parkway will have a club-house, pool, fitness center and yoga studio, dog park, walking trails and more.
Upon completion, the property aims to qualify as Green and Energy Efficient Housing. It has been designed to achieve the National Green Building Standard (NGBS) green certification and has a Statement of Energy
Design Intent (SEDI) score of 95 out of 100, affording the project the benefit of the lower mortgage insurance premium rate of 25 basis points.
Love Funding senior director Peter Wessel secured the loan through U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The mortgage insurance allows Love Funding to provide low-rate, non-recourse financing for the construction and for a subsequent 40-year term.