WEST ORANGE TOWNSHIP, N.J. — Love Funding has closed a $4.5 million refinancing for John P. Renna House, an age-restricted, affordable apartment community in the New York City suburb of West Orange Township.
John P. Renna House features 183 units, 181 of which are restricted to tenants age 62 and older or those with disabilities. West Orange Senior Citizens Housing Association owns the nine-story building, which Raymond P. Marzulli Co. manages.
Love Funding’ Bruce Gerhart secured the non-recourse HUD loan, which features a 15-year term. As part of the transaction, a new 20-year housing assistance payments contract was put in place for the 181 units.