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.
FHA 223(f) Apartment Refinance
312 Florence Ave. Evanston, IL
Showing posts with label FHA 221 D4. Show all posts
Showing posts with label FHA 221 D4. Show all posts
Friday, January 9, 2009
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