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Illinois-based Midland States Bancorp’s Love Funding closed on an $87.3M FHA loan for LVL29 multifamily tower in Plano. NE Development broke ground on the multifamily tower in Legacy West in late April.
This financing is the largest construction loan ever issued by HUD in the Southwest. Love Funding senior director Leonard Lucas got financing through the Department of Housing and Urban Development’s Section 221(d)(4) mortgage insurance program. The financing is a low-rate, non-recourse financing for up to 40 years to fund new construction or substantial rehab of multifamily complexes.
The 29-story tower with 328 units will deliver May 2019 with a seven-story parking garage. General contractor Hunt Construction Group is constructing the project designed by Humphreys & Partners Architects with interiors by Henderson Design Studio.
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