Source: RICHMAC Funding / #Affordable #Housing
SAINT PAUL, MN - RICHMAC Funding LLC arranged the $12.3 million, 35 year term fully amortizing 223(f) HUD refinance of Douglas Knolls Apartments, a 184 unit affordable housing property located in the Washington, DC.
The refinancing allowed the non-for-profit owner to substantially reduce the interest rate on the loan, pay off existing sub-debt, fund capital improvements and improve property operations. In addition to the refinance and simultaneously with the loan closing, RICHMAC facilitated the borrower with a parcel subdivision and plat recording, allowing the borrower to remove an existing school as collateral for the mortgage.
RICHMAC, a member of The Richman Group of Companies, a major national participant in the multifamily housing industry for over 30 years, is an approved Fannie Mae Affordable Housing Lender, FHA MAP and LEAN lender and Ginnie Mae seller servicer. Together with RICHMAC LIHTC Funds, RICHMAC has access to a suite of agency loan products and institutional capital to place loans for market rate and affordable multifamily properties and healthcare facilities.