LOVE FUNDING ARRANGES $12.9M CONSTRUCTION LOAN FOR APARTMENTS IN UTICA, MIC

UTICA, MICH. — Love Funding has arranged a $12.9 million loan for the construction and permanent financing of Encore Townhomes, an 80-unit, market-rate apartment community in the Detroit suburb of Utica. Bruce Gerhart of Love Funding secured the loan for the borrower, Tiburon Investments Utica LLC, through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Using the program allows borrowers to obtain low fixed-rate, non-recourse financing for a 40-year term, in addition to the initial 17-month construction period. The project includes 13 garden-style, two-story buildings situated next to a newly built luxury condominium development. Residents of Encore Townhomes will share access to the condominium’s clubhouse, outdoor pool, fitness room, business center and other amenities at no additional cost to their rent. Tiburon Investments Utica is developing the project. Fairview Construction Inc. is building the project and Progressive Associates Inc. is providing architectural services.