OWNERS OF WINGOVER APARTMENTS IN BLOOMINGTON RECEIVE $19.8M LOAN

BLOOMINGTON, ILL. — Love Funding has arranged a $19.8 million HUD 223(f) loan for the refinancing of Wingover Apartments, a market-rate apartment community in Bloomington, located about 72 miles north of Springfield. The refinancing will allow the property owners to take on needed repairs and consolidate four separate mortgages into a non-recourse, fixed-rate loan with a term of 35 years. The ownership group includes Illinois State University graduate Darren Rogers and his business partners Donald Franke and Harold Hoeferle. Wingover Apartments was built in four stages between 2006 and 2009, and consists of 19 two- and three-story buildings and 250 apartment units. Love Funding Midwest regional director Bruce Gerhart secured the financing.