First Housing recently originated $11,180,000 in permanent, fixed-rate debt through its HUD/FHA 221(d)(4) program for the rehabilitation of The Landings at Timberleaf in Orlando, FL.
The Tampa branch office of First Housing closed on The Landings at Timberleaf in the Orlando, FL market. Senior vice president’s Ed Busansky and Scott Moreman arranged for an $11,180,000 loan for developer The Richman Group Development Corporation to fund the rehabilitation of and permanent financing for the multifamily development. The 240-unit will be rehabilitated to update both the interiors and exteriors of all units and buildings and to incorporate energy saving materials.
The loan was processed through the U.S. Department of Housing and Urban Development’s Jacksonville Office of Multifamily Housing Development and was insured through the Federal Housing Administration’s Section 221(d)(4) multifamily insurance program. The program features a 14-month, interest only construction period and a 40-year fixed-rate permanent mortgage. The apartments also qualified for Low Income Housing Tax Credits and will offer 100 percent of its units to renters who qualify at a reduced percentage of the area median income.
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