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January 5, 2012

Love Funding

Love Funding said it closed a $14 million refinancing for the Packard Building, a former Seattle car dealership on Capitol Hill that was converted to a 60-unit apartment complex. Peter Wessel of Love's Denver office secured the 35-year, non-recourse loan through a U.S. Department of Housing and Urban Development program. The Packard is owned by a limited liability company led by Dan Ederer of Seattle, which tried unsuccessfully to tap private sources for refinancing after completing the rehab. The project initially included 56 apartments, five office units and four retail spaces. Four of the office spaces were converted to apartments. Wessel worked with HUD to waive a rule against long-term FHA financing for properties less than 3 years old.




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