LOVE FUNDING SECURES $6.32M FOR MICH. APT. COMPLEXES
DETROIT — St. Louis-based Love Funding has secured a $6.32 million loan for the acquisition of three apartment complexes in Westland, Mich. The properties, Country Court, Country Village and Westland Woods Apartments, will become Wildwood Apartment Homes with a combined total of 229 units. Bruce Gerhart and Mickey Rist arranged the 40-year, self-amortizing loan through the Federal Housing Administration's 221(d)(a) loan insurance program. The property qualified for FHA financing and was awarded low-income housing tax credits through the Michigan State Housing Development Authority. Love Funding arranged with HUD's Michigan office to allow the tax credit payments to take place in installments, which helped maximize the investors' level of contributions while minimizing their risk.