Estate Villas of Krum
On December 19th, the Ft. Worth Program Center closed an insured 221(d)4 new construction mortgage for the Estate Villas of Krum, a 140 unit to-be-built property located in Krum, TX.
Krum Estate Villas, Ltd., the Mortgagee, is a for-profit partnership sponsored by Mr. Byron Ballas. While this was the sponsor’s first FHA-insured project, the development team featured a solid mix of both FHA and non-FHA multifamily experience.
The property is located near two new schools and several new subdivisions. Although growing, the immediate area is still fairly rural and “underserved” in terms of multifamily housing. Estate Villas of Krum will help satisfy some of this area’s demand for affordable apartment housing.
The $12,997,400 mortgage was funded through Capmark Finance Inc. and closed at a 6.76% interest rate.
Beware of investing with Byron Ballas. He is a fraud and currently involved in numerous real estate investment Ponzi schemes. Several of his projects are being foreclosed by the bank because he embezzled/funneled funds for one project to fund another leaving his investors holding the bag. This guy is a heartless piece of work similar to Bernie Madoff and should not be trusted.
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