NORTH RICHLAND HILLS, Texas — Love Funding has arranged a $14.4 million HUD loan to refinance Villas on Bear Creek, an age-restricted, affordable housing community in North Richland Hills.
The community offers 240 units, of which 180 are affordable. It was built in 2000 using low-income housing tax credits (LIHTC), and residents must be at least 60 years old. The property is arranged as five three-story buildings and a two-story clubhouse.
North Richland Hills is located between Dallas and Fort Worth.
Love Funding’s Jonathan Camps arranged the loan, which will refinance the existing mortgage on the property and provide funds for renovations.
The Wentwood Companies owns the property, which Westlake Housing LP operates.