M&T Realty Capital Corporation has closed a $45,213,500 FHA-insured loan for the refinance and rehabilitation of a 178-unit apartment complex located in Virginia Beach, VA. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 223(a)(7) program.
The 40-year, 3.45% fixed-rate loan is fully amortizing. This project qualified for HUD’s Green MIP Reduction, which reduces MIP (mortgage insurance premium) on multifamily properties that attain a green recognition/standard and also meet certain energy performance standards.
The transaction was led by Managing Director Robert Kaplan
of M&T Realty Capital Corporation’s Baltimore office. Mr. Kaplan also serves as the Assistant National Production Manager for the company.
HUD’s Section 232 program provides mortgage insurance for residential care facilities such as assisted living facilities, nursing homes, intermediate care facilities, and board and care homes. The Section 232 program is administered by the Office of Residential Care Facilities (ORCF) within the Office of Healthcare Programs. During HUD’s FY 2016, 306 firm commitments totaling $2.84 billion were issued under Section 232.
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, credit approval, and other conditions.