BALTIMORE, MD - M&T Realty Capital Corporation has closed a $29,751,500 FHA-insured loan for the construction takeout of a 126-unit multifamily property located in Herriman, UT. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 223(f) program.
At 80% LTV, the 35-year, 4.1% fixed-rate loan is fully amortizing.
The transaction was led by Managing Director’s Bob Kaplan and Marc Schaefer of M&T Realty Capital Corporation’s Baltimore, MD and Lake Oswego, OR offices. In collaboration with M&T Bank’s Commercial Credit Team Lead Ryan Warthen.
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.