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CLEVELAND — Cleveland-based Love Funding has closed two loans totaling more than $4 million for properties in Michigan and Ohio. In Holland, Mich., Love secured approximately $3.93 million through HUD’s 241(a) program for the 131-unit Appledorn Living Center III. The loan is being used for a 30-unit addition and various capital improvements. Terms of the loan include a 7.5 percent interest rate and a 31-year amortization.
In Zanesville, Ohio, Love arranged a $701,200 refinance loan for the 25-unit Muskingum Arc Apartments community. Financing for the 16,320-square-foot complex came from HUD’s 207/223(f) loan program. The loan included a 6.25 percent fixed interest rate over a 35-year term.