Love Funding Provides $87.3 Million in FHA Financing for New High-Rise, Market-Rate Apartment Building in Plano, Texas
May 04 2017 - 8:00AM
Love Funding, a subsidiary of Midland States Bancorp, Inc.
(NASDAQ:MSBI) and one of the nation’s leading providers of FHA
multifamily, affordable and healthcare financing, today announced
the closing of an $87.3 million FHA loan to build a new high-rise,
market-rate apartment building in Plano, Texas.
The project, named LVL 29 for its 29 levels, is
located in Legacy West, a 250-acre mixed-use destination located at
the intersection of the Dallas North Tollway and State Highway 121
in Plano. The structure features a unique ellipses-shaped design
and offers luxury apartment homes that range from 600-square-foot
units to 3,800-square-foot penthouses with private garages. The
building is being developed by NE Development and is expected to be
completed in May 2019.
Love Funding Senior Director Leonard A. Lucas of
the company’s Boston office obtained the financing through the U.S.
Department of Housing and Urban Development’s Section 221(d)(4)
mortgage insurance program. The program provides low-rate,
non-recourse financing for up to 40 years to fund the new
construction or substantial rehabilitation of multifamily apartment
communities.
The financing for LVL 29 represents the largest
construction loan ever issued by HUD in the Southwest region.
For more information, contact Leonard Lucas at
(617) 638-0055, or visit www.lovefunding.com.
About Love FundingLove Funding is an
experienced FHA lender serving clients across the country from its
headquarters in Washington D.C. and
offices nationwide. The company offers refinance,
construction, rehabilitation and acquisition financing programs for
market-rate multifamily and affordable housing, healthcare
facilities and hospitals. Love Funding is a subsidiary of Midland
States Bank, Inc. (NASDAQ:MSBI), a $3 billion community banking
organization headquartered in Effingham, Illinois. To learn more
please visit our website and join us
on Facebook and Twitter.
About Midland States Bancorp, Inc.Midland
States Bancorp, Inc. is a community-based financial holding company
headquartered in Effingham, Illinois, and is the sole shareholder
of Midland States Bank. Midland had assets of approximately $3.4
billion, and its Midland Wealth Management Group had assets under
administration of approximately $1.9 billion as of March 31,
2017. Midland provides a full range of commercial and
consumer banking products and services, merchant credit card
services, trust and investment management, and insurance and
financial planning services. In addition, commercial equipment
leasing services are provided through Heartland Business Credit,
and multi-family and healthcare facility FHA financing is provided
through Love Funding, Midland's non-bank subsidiaries. Midland has
more than 70 locations across the United States. For additional
information, visit www.midlandsb.com or follow Midland on
LinkedIn
at https://www.linkedin.com/company/midland-states-bank.
Media Contact:
Sally Woods
Senior Vice President, Director of Marketing
202.591.3629
swoods@lovefunding.com
www.lovefunding.com
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