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					 LOVE FUNDING    IS PLEASED TO ANNOUNCE THE LOAN CLOSING FOR:

      Charleston Square Townhomes
                       Johnson City, TN
                              TERMS

$2,295,000 Refinance Loan, HUD 207/223(f) Loan Program
     5.79% Fixed Interest Rate, 35-year Amortization


 Tammy Tate, Vice President
 10407 Hickory Path Way, Knoxville, TN 37922
 TELEPHONE 865.694.9600
 ttate@lovefunding.com
Tammy Tate secured a $2,295,000 refinance loan for the Charleston
Square Townhomes, an 80-unit multifamily complex in Johnson City, Tenn.
The refinancing reduced the borrower’s interest rate from 7.75 percent to
5.79 percent and provided a non-recourse loan and 35-year amortization.
By placing a new HUD 207/223(f) loan on the property, Tate enabled the
borrower to pay off an existing interest-only loan, complete repairs and pay
refinancing costs. The owner had spent over $700,000 on interior and exterior
repairs since the purchase of the property in November 2006. The repairs included
such items as new roofs, floor coverings, new electrical and hardware fixtures,
appliances, exterior siding and awnings, paving and landscaping. Of the 80 units,
56 qualified for federal rent subsidy pursuant to Section 8 of the U.S. Housing
Act of 1937, as amended. The Housing Assistance Payments (HAP) contract was
renewed in June of 2004 for a five-year term and will expire in June 2009.
This recent transaction brings the total amount Love Funding has closed for the
borrower to more than $60 million.


     OTHER RECENT LOAN CLOSINGS BY LOVE FUNDING INCLUDE:

      $3,884,200 Refinance Loan                   $5,961,900 Refinance Loan
   Claiborne-Hughes Health Center                 Morton Manor Apartments
   HUD 232/223(f) Loan Program                   HUD 202/223(f) Loan Program
             Franklin, TN                                Detroit, MI
 $11,196,800 New Construction Loan               $22,762,000 Interim Bridge Loan
        La Sierra Apartments                       Five Nursing Home Facilities
   HUD 221(d)(4) Loan Program                              Mississippi
         New Braunfels, TX


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posted:3/28/2011
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