For more information_ contact Pamela Powell Leonard Lucas The

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For more information_ contact Pamela Powell Leonard Lucas The Powered By Docstoc
					For more information, contact:

Pamela Powell                  Leonard Lucas
The Hauser Group        or     Love Funding
314.436.9090                   617.638.0055

     LEONARD LUCAS OF LOVE FUNDING’S BOSTON OFFICE CLOSES $3.8 MILLION
      REFINANCE LOAN FOR ELDERLY APARTMENT COMPLEX IN PUERTO RICO

Boston, Mass., Feb. 8, 2010… Love Funding today announced that its Boston office secured a $3,829,500
refinance loan for a not-for-profit elderly apartment complex located in Trujillo Alto, Puerto Rico. Leonard
Lucas, First Vice President with the national mortgage-banking firm’s Boston office, originated the
transaction.


Lucas secured the financing for the 112-unit Round Hill Baptist Housing for the Elderly. Round Hill
financed its original development with a 9.25 percent fixed rate HUD 202 loan. Lucas utilized the HUD
202/223(f) loan program, which provided the project with a 31-year, self-amortizing, fixed rate 5.4 percent
loan. Included in the loan were enough proceeds to cover all transaction costs and $700,000 in project
repairs/improvements.


Lucas recognized the invaluable participation of José Rafael Rivera of San Juan-based firm Consultec,
Love’s strategic partner in Puerto Rico, in putting together this deal. José’s and Consultec’s contributions
facilitated the successful processing and closing of this transaction.


For more information, call Leonard Lucas at 617.638.0055 or visit www.lovefunding.com.


Love Funding is one of the Love Companies, an investment holding company with origins dating back to
1875. Love Funding commenced mortgage-banking operations in 1984 and serves clients across the United
States from its offices in Boston, Cleveland, Dallas, Detroit, Knoxville, New York, Palm Beach, St. Louis
and Washington D.C. The company offers refinance, construction, and acquisition financing programs for
multifamily, senior housing and healthcare facilities. Love Funding is a fully-approved HUD LEAN and
MAP lender.
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