First Housing recently originated $4,680,000 in permanent, fixed-rate debt through its HUD/FHA 221(d)(4) program for the rehabilitation of St. Giles Manor in Pinellas Park, FL.
The Tampa office of First Housing recently originated $4,680,000 in permanent, fixed-rate debt through its HUD/FHA 221(d)(4) program for the rehabilitation of St. Giles Manor. The loan features a 40-year term and 40-year amortization with a fixed interest rate and a 71.9% LTV. In addition to the HUD Insured Mortgage, the nonprofit entity in conjunction with a for-profit development company was able to obtain in excess of $12M in Tax Credit Exchange Funds.
The 106-unit multifamily property was originally built in 1981 and is located in Pinellas Park, FL. The property provides housing to the elderly and receives rental assistance through the Project-Based Section 8 program. The combined funds for rehabilitation created a first-class facility that include wide open spaces for tenant gatherings and an exercise facility. First Housing’s senior vice president Scott Moreman worked with BREC Development, a residential real estate development firm, to arrange the financing for the rehabilitation. The borrower is a nonprofit entity known as St. Giles Manor, Incorporated.
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