Jones of Love Funding arranges $6.547 million

According to Love Funding, its New York office secured $6.547 million in financing for two multifamily housing complexes. Bill Jones, first vice president with Love Funding's New York office, originated the transactions. Jones secured a $3.695 million refinance loan for the Breezy Point Apartments, which consists of 171 apartment units, and he closed a $2.853 million refinance loan for the 138-unit Rolling Hills Apartments. Love Funding utilized the HUD 207/223(f) loan program for both deals and was able to lock in a 5.02% fixed interest rate with a 35-year amortization for the borrower for each loan. Love Funding is one of the Love Companies, an investment holding company with origins dating back to 1875. Love Funding commenced mortgage-banking operations in 1984 and serves clients across the United States from its offices in Atlanta, Boston, Chicago, Cleveland, Dallas, Detroit, Knoxville, New York, Palm Beach, St. Louis and Washington D.C. The company offers refinance, construction, and acquisition financing programs for multifamily, affordable housing, senior housing, healthcare, hospitality, office buildings, retail, light industrial, and special purpose properties. Love Funding's lending sources include CMBS firms, life companies, banks, credit companies, FNMA, FHLMC and FHA.