Love Funding closed two loans totaling $55.6 million for the construction and permanent financing of Riverside Village Senior Apartments and Riverside Village Family Apartments, both in Paterson, New Jersey.
Financing was secured by director Leonard A. Lucas through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) loan insurance program. The program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term.
Riverside Village Senior Apartments will feature 81 units within one, four-story elevator building. Social services will be provided on-site. Riverside Village Family Apartments will have 165 townhouse-style rentals.
Both Riverside Village projects are led by Roizman Development, of Plymouth Meeting, PA. Inglese Architecture + Engineering is the design architect and ETC Companies, is the general contractor.