LOVE FUNDING SECURES $17.5 MILLION MULTIFAMILY LOAN

CAMDEN, N.J. — Love Funding has secured a $17.5 million loan for Broadway Townhomes, a 175-unit townhouse community in Camden. The loan is the first of its kind to be approved under the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration program. The programs allows proven financing tools to be applied to preserve and upgrade at-rise public and assisted housing and provides for a long-term Section 8 rental assistance contract. The property will be renovated using tax-exempt bonds provided by the New Jersey Housing and Mortgage Finance Agency in combination with 4 percent low-income housing tax credits and the proceeds from the loan, which is being insured through HUD’s 221(d)(4) program. Leonard Lucas of Love’s Boston office arranged the transaction.