M&T Realty Capital Corporation has closed a $10,000,000 FHA-insured loan for the supplemental financing of a new construction project in Frederick, MD. The funds will be used to add 49 units to the multifamily property. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 221(d)(4) program.
At an all-in LTC of 90%, the 38-year, 3.75% fixed-rate loan is fully amortizing.
The transaction was led by Managing Directors Paula Quigley and Sandra DeFelice of M&T Realty Capital Corporation’s Baltimore office. Ms. Quigley also serves as the FHA/HUD program manager for the company.
HUD’s Section 221(d)(4) program insures mortgage loans to facilitate the new construction or substantial rehabilitation of multi-family rental or cooperative housing for moderate-income families, elderly, and the handicapped. The 221(d)(4) program is authorized by the National Housing Act (12 U.S.C. 17151(d)(4)).
As one of the nation’s leading firms providing FHA-insured mortgages, M&T Realty Capital Corporation provides financing under a variety of HUD’s programs
. These include financing for the construction or substantial renovation of rental housing (pursuant to Section 221(d)(4)); the purchase or refinancing of existing multifamily housing projects (pursuant to Section 223(f)); skilled nursing or assisted living facilities (pursuant to Section 232/223(f)); hospitals (pursuant to Section 242) and secondary debt (pursuant to Section 241).
For specific loan information on this program, please call us at 1-800-737-2344 or request a loan quote
All loans and all terms referenced herein are subject to receipt of a complete application, credit approval, and other conditions.