M&T Realty Capital Corporation has closed a $13,482,000 FHA-insured loan for the substantial rehabilitation of a 254-unit affordable housing property located in Camden, NJ. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 221(d)(4) program.
At 90% LTC, the 40-year, 3.56% fixed-rate loan is fully amortizing, and will be used to renovate and preserve the affordable housing units.
The transaction was led by Managing Director Bob Kaplan of M&T Realty Capital Corporation’s Baltimore office, in collaboration with Commercial Senior Relationship Manager Mike DiSanto of M&T Bank’s Philadelphia office. Mr. Kaplan also serves as the Assistant National Production Manager for M&T Realty Capital Corporation.
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.