Love Funding closes $14.5 million refinancing for senior residence complex
Love Funding, one of the nation’s leading providers of multifamily housing loans, announced the closing of a nonrecourse $14.5 million substantial rehabilitation loan for Oakland Senior Living, a 161-unit senior living complex in Pontiac. For Love Funding, it was the second loan secured in as many months for property owner American House, which operates 27 senior residences in Southeastern Michigan.
Bruce Gerhart, first vice president and Midwest regional director, and Mickey Rist, vice president and senior loan originator, secured the loan through the Federal Housing Administration’s 221(d)(4) loan program. FHA financing enabled American House to lock in a low, fixed interest rate with a 40-year term.
Combining the loan with Low Income Housing Tax Credits produced more than $3,000,000 in additional funding, which allowed the owner to make considerable improvements to the property and restructure rents to provide assistance to 40 percent of the residents. Gerhart and Rist employed the same approach in helping American House secure an $11.5 million rehabilitation loan for a similar senior living facility in Hazel Park in November.
Priscilla Perkins named Lighthouse of Oakland County chief development officer
Lighthouse of Oakland County has named Priscilla Perkins of Troy as its new chief development officer.
Perkins has more than 20 years of experience in the nonprofit community as a fundraiser and has served on various community boards and committees. In addition to her board and volunteer work with Lighthouse, Perkins has worked with William Beaumont Hospital in Royal Oak, The United Way, The Community House and the Junior League of Birmingham Michigan Inc., where she was president from 2000-2001.
At Lighthouse, Perkins will be responsible for running the organization’s development department and actively recruiting new corporate and individual donors, volunteers and other supporters. She is married to FOX 2 Detroit television news anchor Huel Perkins.