Loan Amount: $8,400,000
Property Type: Townhome/apartment complex
Loan Type: HUD non-recourse
Loan Term: 35-years
Harbortown Apartments – HUD Section 223(f)
The purchase of the loan was to cash out and refinance the existing dent with this new 35-year fully amortizing non-recourse loan through HUD’s 223(f) loan program. The $8,400,000 loan carried a 35-year fixed rate well below 4.0%.