Paragon Mortgage Corporation Arranges $22.5M HUD 221(d)(4) New Construction Loans for Multifamily Properties in Arizona
Jim Swanson, President of Paragon Mortgage announced today that Paragon arranged the HUD 221(d)(4) New Construction Loans for the development of two multifamily properties - 12th and Highland Apartments in Phoenix and 2nd and Civic Apartments in Scottsdale, Arizona. Paragon secured New Construction loans for both properties through the US Department of Housing and Urban Development's 221(d)(4) Mortgage Insurance Program. HUD-insured financing provides both properties with a 40-year, fully amortizing low interest rate, fully assumable, non-recourse loan.
"These new construction loans automatically convert to a 40-year, fully amortizing loans, which at these historic low interest rates will result in a guaranteed low interest rate for the entire duration of these loans," stated Swanson.
Property Details
12th on Highland Apartments will be an urban in-fill, boutique multifamily rental property on 1.09 acres located in midtown Central Phoenix, with easy access to main transportation arterials and Midtown Phoenix. The project will be a new 34-unit three-story apartment building with a pool, spa, walk-up and elevator access from the first-floor parking garage.
2nd and Civic Apartments will be an urban in-fill boutique multifamily rental property on a 0.84-acre site located in Historic Old Town Scottsdale, within easy walking distance to restaurants, shopping, night life, museums and sports venues, as well as easy access to transportation arterials. The project will be a new 39-unit, three- and four-story apartment building with a pool, spa, fitness facility and yoga deck, as well as walk up and elevator access from the first-floor parking garage.
About Paragon
Paragon Mortgage Corporation is an FHA, HUD MAP and LEAN approved mortgage lender solely focused on HUD-insured financing for over 33 years. Headquartered in Phoenix, Arizona, Paragon Mortgage is known for its highly experienced staff representing decades of originating, underwriting and processing of HUD/FHA loans. This experience combined with Paragon's long-standing reputation within the industry and relationships within the development and healthcare community has resulted in the closing of over $3B in FHA insured loans. Paragon Mortgage specializes in FHA Insurance loans for a variety of project types ? Multi-Family Refinancing, Acquisition, New Construction, Substantial Rehabilitation in addition to Senior Housing and Healthcare.
For more information, visit: www.paragon-mortgage.com.
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