M&T Realty Capital Corporation®
has closed a $21,700,000 FHA-insured loan for the refinance of a 165-unit multifamily property located in Orlando, FL. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 223(f) program.
The 35-year, 2.03 % fixed-rate loan is fully amortizing. This loan is the first in Florida to receive GNMA approval allowing for the amending and restating of the loan documents to minimize the recordation fees.
The Van Metre organization has had a long-term relationship with M&TRCC, as noted by Phil Spalding, VP of Finance. “This property was originally constructed through HUD’s 221(d)4 program and to see it refinanced at such an attractive interest rate, speaks to the dedication of the M&TRCC team and its ability to successfully navigate HUD’s multifamily FHA programs,” states Spalding.
The transaction was led by FHA/HUD Program Manager Paula Quigley and Senior Managing Director Sandy DeFelice of M&T Realty Capital Corporation’s Baltimore office.
HUD’s Section 207/223(f) insures mortgage loans to facilitate the purchase or refinancing of existing multifamily rental housing. These projects may have been financed originally with conventional or FHA insured mortgages. Section 223(f) of the National Housing Act was added by Section 311(a) of the Housing and Community Development Act of 1974.
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 these programs, 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,
All loans and all terms referenced herein are subject to receipt of a complete application, credit approval, and other conditions.
credit approval, and other conditions.