This former hotel was renovated to provide 48 efficiency and one-bedroom apartments, with a Section-8 rent subsidy for qualified senior citizens.
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This 41-unit apartment complex was the first in the U.S. constructed using the USDA Rural Housing Services Section 538 Program.
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Refinancing of the 64-unit Eagle’s Pointe apartment community was insured under the FHA 223(f) Program at a competitive rate and fully amortized for a fixed term of 35 years.
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FHA
Financing - FHA 221(d)(4)
Kensington Apartments
Kissimmee,
Florida HUD 221(d)(4)
$12.8 Million Construction Loan
First Housing arranged financing to construct a $22.2
million, 289-unit affordable rental housing development
in Kissimmee, Florida. First Housing closed a $12.8
million FHA 221(d)(4) construction loan used to credit
enhance an Osceola County tax exempt bond issue. Syndication
of low income housing tax credits provided equity for
the project.
Attaining the FHA 221(d)(4) guarantee allowed the bonds
to be marketed with a "AAA" credit rating and provided
a 40-year fixed rate loan at an "all in" interest rate
of 6.19%. First Housing secured the commitment for the
HUD insurance within 120 days.
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FHA
Financing - FHA 223(f)
The
Villas
Jacksonville Florida
HUD 223(f)
$4.1 Refinance Loan
First Housing arranged the financing for the renovation
of this 30 year-old, 152-unit apartment community in
Jacksonville, Florida. In May 1998 First Housing closed
a $4.1 million mortgage insured under the FHA 223(f
) refinance program. The mortgage is fully amortizing
for 30 years at an interest rate of 6.875%.
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USDA Rural Housing
Section 538 Guaranteed Loan Program
Rosemont Manor
Eustis, Florida
$1.9 Million Loan
To facilitate the construction of the 41-unit Rosemont
Manor affordable rental community in rural Eustis, Florida,
First Housing identified a loan guarantee program provided
by the US Department of Agriculture. This was the first
loan in the country under the USDA Rural Housing Service's
Section 538 Guaranteed Loan Demonstration Program.
The demonstration program utilized loan origination
and servicing expertise offered by USDA approved lenders,
like First Housing, to finance rural multifamily developments.
First Housing made a construction/permanent loan in
the amount of $1.9 million to Rosemont Manor Limited.
The loan is 90% guaranteed by the USDA for a fixed term
of 40 years.
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Affordable
Housing Lending Pool
Nantucket
Bay Apartments
Temple Terrace, Florida
$2.1 Million Construction/Permanent Loan
First Housing arranged a construction/permanent loan
through its Affordable Housing Lending Pool for the
development of the Nantucket Bay Apartments in Temple
Terrace, Florida. Currently under construction, the
180-unit community will provide affordable housing to
the elderly and offer amenities including a community
center, recreation facilities, laundry facilities on
each floor, and gated access.
First Housing established the $100 million lending pool
in 1990 with 10 of its stockholders to finance multifamily
housing for low and moderate income families. This is
the fifth loan to this client from the fund.
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