WASHINGTON, May 04, 2017 (GLOBE NEWSWIRE) -- Love Funding, a subsidiary of Midland States Bancorp, Inc. (NASDAQ:MSBI) and one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, today announced the closing of an $87.3 million FHA loan to build a new high-rise, market-rate apartment building in Plano, Texas.
The project, named LVL 29 for its 29 levels, is located in Legacy West, a 250-acre mixed-use destination located at the intersection of the Dallas North Tollway and State Highway 121 in Plano. The structure features a unique ellipses-shaped design and offers luxury apartment homes that range from 600-square-foot units to 3,800-square-foot penthouses with private garages. The building is being developed by NE Development and is expected to be completed in May 2019.
Love Funding Senior Director Leonard A. Lucas of the company’s Boston office obtained the financing through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) mortgage insurance program. The program provides low-rate, non-recourse financing for up to 40 years to fund the new construction or substantial rehabilitation of multifamily apartment communities.
The financing for LVL 29 represents the largest construction loan ever issued by HUD in the Southwest region.
For more information, contact Leonard Lucas at (617) 638-0055, or visit www.lovefunding.com.
About Love Funding
Love Funding is an experienced FHA lender serving clients across the country from its headquarters in Washington D.C. and offices nationwide. The company offers refinance, construction, rehabilitation and acquisition financing programs for market-rate multifamily and affordable housing, healthcare facilities and hospitals. Love Funding is a subsidiary of Midland States Bank, Inc. (NASDAQ:MSBI), a $3 billion community banking organization headquartered in Effingham, Illinois. To learn more please visit our website and join us on Facebook and Twitter.
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. Midland had assets of approximately $3.4 billion, and its Midland Wealth Management Group had assets under administration of approximately $1.9 billion as of March 31, 2017. Midland provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, and insurance and financial planning services. In addition, commercial equipment leasing services are provided through Heartland Business Credit, and multi-family and healthcare facility FHA financing is provided through Love Funding, Midland's non-bank subsidiaries. Midland has more than 70 locations across the United States. For additional information, visit www.midlandsb.com or follow Midland on LinkedIn at https://www.linkedin.com/company/midland-states-bank.
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