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First Housing Originates $29 Million in Construction Financing for Andros Isles Apartments

Posted on: November 11th, 2011 by admin No Comments

First Housing originated $29,851,300 in permanent, fixed-rate debt through its HUD/FHA program for the construction of Andros Isles Apartments, a 360-unit apartment community in Delray Beach, FL. The loan features a 40-year term and 40-year amortization with a fixed interest rate of 5.4 percent. Andros Isles Apartments will include ten residential buildings of three stories, each facing a central lake. Units will have one to three bedrooms and average 1,051 square feet in size. Senior vice presidents Ed Busansky and Scott Moreman originated the loan. The borrower was DK Gateway Andros, LLC.

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