Love Funding arranged financing for the construction of two new senior apartment buildings in Paterson, New Jersey. Love’s Leonard Lucas (say that five times fast) secured the HUD loans which totaled $55.6 million and came with low rates for the duration of construction and for a subsequent 40-year term. One location will feature 81 units in four stories, with two elevators, that will also offer a community room with a kitchen, on-site management and maintenance offices, lounge areas, an outdoor patio and garden space. A central laundry facility will be located on each floor. Social services will also be provided on-site via the Housing Authority of the City of Paterson, as well as third-party providers.
The other building will consist of 165 townhouse-style units as part of an existing public housing development known as Riverside Terrace, which currently has 300 units. There will be similar amenities, in addition to classrooms, a basketball court and a children’s room. Social services will also be available on site. Roizman Development is developing the projects.