HOUSTON and FORT WORTH, Texas — Love Funding has closed a $51.2 million in loans for The Wentwood Companies to refinance a four-property affordable multifamily portfolio in Houston and Fort Worth. Three of the properties are age-restricted.
The four properties are Villas in the Pines, Villas at Pine Lake and Villas on Woodforest in Houston, and Villas by the Lake in Fort Worth. The properties offer a total of 908 apartment units built between 1998 and 2001 with the assistance of low-income housing tax credits (LIHTCs). The Wentwood Companies owns and Westlake Housing manages the portfolio.
Love Funding’s Jonathan Camps secured the low-rate, non-recourse HUD financing. In addition to refinancing existing loans, the move will fund property improvements.
Love Funding is a HUD-focused lender based in Washington, D.C.