Love Funding, a Washington, D.C.-based lender, says it has refinanced a $13.1 million loan for Canyon Bluffs Apartment Homes, a 192-unit, market-rate apartment complex in southwest Spokane.

Love Funding modified the financing through a Federal Housing Administration-insured program that reduces the interest rate on the borrower's 40-year loan, saving the property owner $200,000 annually, says Christopher Schilling, Love Funding's director, in a press release.

The developer, San Rafael, Calif.-based Feature Realty Inc., obtained the original construction loan from Love Funding in 2005, Schilling says.

The apartments are located at Westwood Lane and Canyon Woods Lane near Thorpe Road, about a mile south of Interstate 90 via U.S. 195.

The Canyon Bluffs Apartment Homes complex includes eight 24-unit apartment buildings, most of which were constructed in 2005.

Love Funding specializes in financing multifamily, affordable housing, and health care. The lender says its loans are insured through FHA, which is a part of the U.S. Department of Housing and Urban Development.