Love Funding Secures $9.1M in Refinancing for Affordable Seniors Housing Property in Brooklyn

NEW YORK CITY — Love Funding has secured a $9.1 million loan for the refinancing of the Scheuer House of Coney Island, an affordable seniors housing property located in Brooklyn. Situated on 1.3 acres, the high-rise property features 197 age-restricted studio and one-bedroom apartments, 98 percent of which are Section 8 Units. Additionally, the property is within walking distance to the Coney Island boardwalk and amusement park. The borrower, JASA, will use the loan to renovate and upgrade the building. Planned enhancements include elevator upgrades, new kitchens, bathroom refurbishments, renovations of community common spaces and flood risk prevention measures. Laura Saull-Smith of Love Funding arranged the loan for the borrower through the U.S. Department of Housing and Urban Development’s 223(f) program.