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$6.1M loan for Whispering Willows was secured by Paragon through Urban Development’s 223(f) mortgage insurance program and the US Department of Housing.
The refinance of the 99-units achieves permanent, long-term financing at existing low prevailing interest rates, and allows for energy-saving developments as part of obtaining the reduced Green Energy MIP which will decrease operating costs.
The HUD program gave the owners a 35-year fully amortizing, non-recourse loan.
Property Details
The Apartments of Whispering Willows is a 99-apartment garden-style complex including 1-bedroom and 2-bedroom units, located in the North Mountain submarket in Phoenix, AZ, near shopping, dining, and entertainment – and providing breathtaking views.
Amenities consist of electric range/oven hoods, refrigerator/freezer, dishwasher, ceiling fans, window coverings, two (2) swimming pools, jacuzzi/spa, BBQ grills, playground, laundry facility, and a storage closet off of the large patio/balcony.
The property provides 149 uncovered parking spaces accessible to residents.
About Paragon
HUD MAP, FHA, and LEAN official mortgage lenders exclusively focused on HUD-insured financing for over 34 years that is what Paragon Mortgage Corporation is.
Paragon Mortgage is well known for its greatly experienced staff representing decades of underwriting, originating, and processing of HUD/FHA loans headquartered in Phoenix, AZ.
This experience with Paragon’s longstanding name within the industry and relationships within the improvement community has resulted in the closing of over $3B in FHA ensured loans.
FHA Insurance loans have been specialized by Paragon Mortgage for a variety of different project types – Multi-Family Refinancing, New Construction, Acquisition, Substantial Rehabilitation in addition to Senior Housing and Healthcare.
Reference Source: PR Newswire
