Love Funding Secures $6.5M Refinancing for Affordable Community in Orlando

by Jeff Shaw

ORLANDO, Fla. — Love Funding has arranged a $6.5 million loan for to refinance and rehabilitate Orlando Cloisters, an age-restricted affordable community in Orlando.

Orlando Cloisters is an 11-story building offering Section 8 efficiency and one-bedroom units to residents 62 years and older. The 101-unit community is located in a mixed-use neighborhood south of downtown Orlando.

Love Funding’s Tammy Tate secured the loans through the HUD 223(f) loan insurance program. The HUD program provided the development team with non-recourse financing, $2.9 million of which will be used to provide improvements and upgrades to the property.

The borrower is a nonprofit company that originally developed the property in 1984 with a HUD Section 202 mortgage. BREC Development LLC will oversee improvements and upgrades to the property.

The existing Housing Assistance Payments (HAP) contract will be terminated and replaced by a new 20-year HAP contract. SPM Property Management will continue to operate the property.

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