LOVE FUNDING CLOSES $3.49 MILLION CONSTRUCTION LOAN IN MICHIGAN

HOWELL, MICH. — Love Funding has closed on a $3.49 million construction loan for Mallard Pond Apartments II, a luxury multifamily development in Howell. Situated on 3 acres along Highland Road, the project will consist of 48 one-, two- and three-bedroom units featuring hardwood floors, spacious closets, custom woodwork, private entrances, a full-size washer and dryer, a heating/cooling unit and a gourmet kitchen. Additionally, the property share a clubhouse with the 108-unit Mallard Pond Phase I. The clubhouse features a fireplace, a kitchen and a 24-hour fitness center with steam showers and a sauna. The loan was funded through the FHA 221(d)(4) loan program and carries a 5.7 percent interest rate for 40-years with a 40-year amortization schedule. Mickey Rist and Bruce Gerhart of Love Funding originated the transaction. The borrower was not disclosed.