DALLAS, TX - Encore Multi-Family, LLC announced yesterday the completion of financing through the U.S. Department of Housing and Urban Development (HUD) 221(d)(4) program for the company's next two ground-up development projects in Temple and Texarkana, Texas. Working with HUD approved lender Berkadia, the second largest originator of HUD loans in the U.S., the Encore Multi-Family team immediately commissioned BBL Builders upon closing of the loan to commence construction on both developments. In total, Encore Multi-Family has begun or completed construction on four separate projects in 2011.
"Encore Multi-Family continues to build on a foundation of research-driven, well executed apartment developments in the Southwest," said Patrick J. Barber, president and CEO of Encore Enterprises, Inc. "The Multi-Family team is poised to expand our platform nationally in the coming months beginning with our first apartment development in Denver later this year."
Brad Miller, president of Encore Multi-Family applauded HUD for their work ensuring a successful closing process for the newest apartment home communities in the Texarkana and Temple areas.
"The cooperation from HUD and the coordination from Berkadia, our primary HUD lender, was noteworthy as we continue to execute our strategy to provide Class A apartment communities in growing markets," said Mr. Miller.
Encore Multi-Family has approximately 1,000 units in the development pipeline as well as 596 units under construction and 836 units completed and operating. The Temple and Texarkana developments will open in early 2012.
Encore Multi-Family, LLC is a subsidiary of Encore Enterprises, Inc., and was founded in 2008 as a fully integrated multi-family developer, owner and operator. The company is involved in all aspects of multi-family development projects and acquisitions including, ground-up developments, joint ventures and mixed use turnkey developments.
Source: Encore Multi-Family