BALTIMORE, MD - Rockhall Funding Corp. provided a $4.8 million FHA insured loan at a 3.85% interest rate for Harvey Johnson Towers, Baltimore, MD.
Harvey Johnson Towers is a 120 unit low-income elderly housing project. With Rockhall’s assistance, Stern Company, LLC assumed the property’s existing FHA loan by utilizing HUD’s Transfer of Physical Assets process. Rockhall Funding Corp. stepped in to increase Stern Company LLC’s return on investment and to provide a means for completion of needed repairs by extending the term of the new mortgage to 35 years and reducing the note rate to 3.85%.
Eric Stern, Manager of Stern Company LLC said, “This was one of the smoothest closings I have ever experienced. Rockhall’s origination and servicing departments were exceptional in getting the loan funded.”
Scott Brown, Executive Vice President of Rockhall Funding Corp. said, “Thanks to a great effort by the Baltimore HUD office, we were able to secure an FHA mortgage insurance commitment in less than three months from the time the deal was signed up.”
Rockhall Funding Corp. is a commercial mortgage bank that specializes in FHA-insured apartment and healthcare lending. We are experienced with new construction lending as well as existing property financing and have closed both low-income and market-rate transactions. Rockhall offers all FHA commercial loan programs. We service the loans we close. We sell our loans as GNMA securities, so no one can beat our pricing.