WASHINGTON, Jan. 16, 2013 /PRNewswire/ -- Love Funding, one of the nation's leading FHA multifamily, healthcare and hospital lenders, announced today that it arranged $1.23 billion of financing in 2012, a new record for the company.
Love Funding closed 109 transactions during the year, including 107 FHA-insured loans for $834.2 million, one FHA loan modification of $361.4 million, and one bridge loan for $30 million. The company's results were buoyed by the addition of a dedicated team to originate and underwrite FHA hospital loans.
"The attractive interest rate environment clearly contributed to these record-setting results, but they still wouldn't have been possible without our team of expert loan underwriters, and support staff to handle the dramatic increase in our business," said Love Funding President Mark Dellonte. "Our originators did a good job in landing a healthy amount of repeat business from existing clients, and the company was also able to add new clients across all of our FHA lending platforms."
Love Funding became a top FHA lender shortly after exiting other commercial financing businesses in 2007 so it could focus on leveraging its expertise in HUD's multifamily and healthcare financing programs. The company makes new construction, sub-rehabilitation, refinance and acquisition loans across its multifamily, affordable housing, healthcare and hospital lines of business.
The company's largest transaction of the year was a loan modification for the Medical University Hospital Authority (MUHA) in Charleston, South Carolina, which amounted to the third-largest hospital loan in FHA history.
Other transactions of note during the year included: a $50.4 million loan refinancing for Rock Creek Terrace, a 526-unit Section 8 apartment community in Rockville, Maryland; a $30.5 million loan refinancing for Jack Hughston Memorial Hospital, a 70-bed acute-care hospital located in Phenix City, Alabama; a $26.8 million loan for the construction of Alta Mira Apartments, a new market-rate apartment community in Miami; a $13.4 million loan refinancing for Jackson Plaza Nursing and Rehabilitation Center, also in Miami; and a $26 million loan refinancing for Concordia on the Lake, a market-rate, age-restricted apartment community in Littleton, Colorado. Those interested can search the company's website for information on individual transactions.
About Love Funding
Love Funding is a fully-approved HUD LEAN and MAP lender serving clients across the country from its headquarters in Washington D.C. and offices in Boston, Chicago, Cleveland, Dallas, Denver, Kansas City, Knoxville, Los Angeles, New York, Palm Beach and St. Louis. The company offers refinance, construction and acquisition financing programs for multifamily, senior housing and healthcare facilities, and hospitals. Love Funding is one of the Love Companies, a St. Louis-based investment holding company with origins dating back to 1875. To learn more please visit our website and join us on Facebook and Twitter.
SOURCE Love Funding