Paragon Mortgage Corporation Arranges $ 45.1 Million HUD 221 (d) (4) for New Construction Loan for Multi-Family Property in Marana, AZ | Business and finance
PHOENIX – (BUSINESS WIRE) – November 10, 2021–
Paragon Mortgage today announced the closing of a new HUD 221 (d) (4) loan for the Alexander Apartments development in Marana, Arizona. Paragon secured the $ 45.1 million New Construction for Development loan through the US Department of Housing and Urban Development’s 221 (d) (4) mortgage insurance program.
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Paragon Mortgage Corporation arranges $ 45.1 million HUD 221 (d) (4) for new construction loan (Graphic: Business Wire)
HUD financing is a combined construction loan and a permanent loan for multi-family projects at market rate. The non-recourse and fully assumable loan has a loan term of 40 years, fully amortizable, at 85% of the loan / cost ratio.
The developers / owners, Lex Sears, Doron Sears and Emery Chukley have combined the required experience in multi-family ownership with extensive experience in real estate development.
The contemporary garden apartments will have 209 units, made up of one, two and three bedroom units. This is one of the few communities in the area offering high end finishes, elevator access to all above ground units and plenty of community amenities. . The Alexander will offer 12 attached and 53 detached garages, 190 covered carports and 124 open parking spaces, Wi-Fi in common areas allowing residents to move around in common areas without experiencing Wi-Fi disturbances and strategically placed indoor and outdoor security cameras.
The Alexander will have green / sustainable features including Energy Star appliances, LED lighting and high performance low emissivity fiberglass windows, a recycling program and Smart Home technology. The apartments will be equipped with a modern technology package, which will provide a seamless ‘curb to couch’ experience – allowing residents to control front doors, main entrance control from smart locks and temperature control. and lighting from a single application on their smartphone.
Paragon Mortgage Corporation is an FHA, HUD MAP, and LEAN approved mortgage lender that has focused solely on HUD-assured financing for over 34 years. Based in Phoenix, Arizona, Paragon Mortgage is known for its highly experienced staff representing decades of HUD / FHA loan creation, underwriting and processing. This experience combined with Paragon’s long standing reputation within the industry and relationships within the development community has resulted in the closure of over $ 4 billion in FHA insured loans. Paragon Mortgage specializes in FHA insurance loans for a variety of project types – market rate refinance and acquisition financing, affordable multi-family, and healthcare.
For more information visit: www.paragon-mortgage.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/2021110005372/en/
CONTACT: Lilla Abegg-Swanson
KEYWORD: UNITED STATES NORTH AMERICA ARIZONA
INDUSTRY KEYWORD: MAISON BLANCHE PROFESSIONAL SERVICES / FEDERAL GOVERNMENT PUBLIC POLICY / GOVERNMENT RESIDENTIAL BUILDING AND REAL ESTATE COMMERCIAL BUILDING AND REAL ESTATE FINANCING CONSTRUCTION AND PROPERTY
SOURCE: Paragon Mortgage Company
Copyright Business Wire 2021.
PUB: 10/11/2021 11:37 a.m. / DISC: 10/11/2021 11:37 a.m.
Copyright Business Wire 2021.