Love Funding Secures $5.6M Refinancing for 156-Unit Affordable Community in Texas

by Jeff Shaw

TEXARKANA, Texas — Love Funding has arranged a $5.6 million HUD refinancing for Winfield Estates, an affordable seniors housing community in Texarkana, which straddles the Texas-Arkansas border.

Winfield Estates offers 156 one- and two-bedroom units in 39 one-story buildings. The property was originally built in 2001 using 9 percent low income housing tax credits (LIHTC). All units are restricted to tenants 55 years and older earning 50 percent or 60 percent of the area median income (AMI). Ten percent of the units are reserved for tenants with physical or mental disabilities.

Love Funding obtained the financing through HUD’s Section 223(f) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing to refinance current debt associated with the property, fund a replacement reserve and make repairs.

Ruel and Dana Hamilton lead the ownership group. Ruel Hamilton’s AS Management Services LLC operates the community.

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