Leonard Lucas of Love Funding headed down to sunny Guayama, Puerto Rico to close a HUD financing for the acquisition of a 60-unit age-restricted, Section 8 apartment complex. Featuring two, two-story buildings, the community is entirely covered under a new project-based Section 8 HAP contract secured by the buyer that runs for a period of 20 years. To acquire the community, the borrower obtained a $3.14 million loan, which came with a lower mortgage insurance premium of 0.25%.
The borrower was also able to realize additional savings through HUD’s reduced application fee incentive for projects located in a Qualified Opportunity Zone.
