PHOENIX – (BUSINESS WIRE) – Jan. October 2021–
Jim Swanson, President of Paragon Mortgage, announced that Paragon arranged to refinance Whispering Willows Apartments in Phoenix, Arizona on October 1, 2021.
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Paragon Mortgage arranges HUD 223 (f) 6.1 million FHA refinancing (Chart: Business Wire)
Paragon secured the $ 6.1 million loan for Whispering Willows through the US Department of Housing and Urban Development’s 223 (f) mortgage insurance program. The refinancing of the 99 units enables permanent, long-term financing at the currently low interest rates and, as part of the reduced Green Energy MIP, enables improvements in energy saving, which lowers operating costs. The HUD program provided owners with a 35-year, fully amortizing, recourse-free loan.
Details of the property
Whispering Willows Apartments is a 99 garden-style apartment complex of 1 and 2 bedroom units located in the North Mountain submarket in Phoenix, AZ, near shopping, dining, and entertainment – with breathtaking views. Amenities include electric cooker / range hoods, fridge / freezer, dishwasher, ceiling fans, window coverings, two (2) swimming pools, hot tub / spa, BBQ, playground, laundry facilities and a storage room off the large terrace / balcony. There are 149 uncovered parking spaces available to residents.
About Paragon
Paragon Mortgage Corporation is an FHA, HUD MAP, and LEAN approved mortgage lender that has focused exclusively on HUD-insured financing for over 34 years. Headquartered in Phoenix, Arizona, Paragon Mortgage is known for its seasoned staff who have decades of experience in obtaining, underwriting, and processing HUD / FHA loans. This experience, combined with Paragon’s longstanding reputation in the industry and relationships within the development community, has resulted in FHA-insured loans of over $ 3 billion. Paragon Mortgage specializes in FHA insurance loans for a variety of project types – multi-family refinancing, acquisition, new build, extensive rehabilitation, and senior housing and healthcare.
More information is available at: www.paragon-mortgage.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/2021104005211/en/
CONTACT: Lilla Abegg-Swanson
Vice President
lswanson@paragon-mortgage.com
(602) 347-6726
KEYWORD: UNITED STATES NORTH AMERICA ARIZONA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES RESIDENTIAL CONSTRUCTION & REAL ESTATE FINANCING CONSTRUCTION & REAL ESTATE SYSTEMS URBAN PLANNING REIT
SOURCE: Paragon Mortgage Corporation
Copyright Business Wire 2021.
PUB: 10/14/2021 11:38 am / DISC: 10/14/2021 11:38 am
http://www.businesswire.com/news/home/20211014005211/en
Copyright Business Wire 2021.
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