First Housing originated $11,583,900 in permanent, fixed-rate debt through its HUD/FHA 223(f) program for the refinance of Wentworth Apartments I, a 264-unit apartment community in Orlando, FL. The loan features a 35-year term and 35-year amortization with a fixed interest rate. The 223(f) program was utilized to pay-off existing bond financing that had a much higher interest rate and the owner achieved debt service savings in excess of $155,000 per year with the refinance.
Wentworth Apartments I includes eleven residential buildings of three stories with units that are one to three bedrooms and average 1,153 square feet in size. The apartments also maintained a Use Agreement that will offer 100 percent of its units to renters who qualify at a reduced percentage of the area median income.
Senior vice presidents Ed Busansky and Scott Moreman originated the loan. The borrower was TWC Ninety-Eight, Ltd. an affiliate of The Wilson Company.
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