PHOENIX–(BUSINESS WIRE)–Paragon Mortgage recently provided a $53.4 million new construction HUD 221(d)(4) loan for a 236-unit multifamily project in Colorado Springs, CO – in an entertainment district anchored by the Broadmoor World Arena – a vibrant multifamily real estate market.
This HUD-insured financing provides for a combined construction and permanent loan for Market Rate multifamily projects. The non-recourse, fully assumable loan features a 40-year, fully amortizing loan term at 85% loan-to-cost.
“Eldorado Springs Apartments will meet the need for new multifamily housing in the growing – but underserved – area of southwest Colorado Springs,” stated Kim Taynton, Vice President and Senior MAP Underwriter at Paragon Mortgage Corporation.
Eldorado Springs, which is scheduled for construction to begin July 2021, is a 3-story, walk-up style multifamily apartment complex that represents continued dedication to building community oriented properties conveniently located near shopping, restaurants, and entertainment while keeping green building design at the forefront. Of the 236 units, 86 are one-bedroom, 140 are two-bedroom, and 10 are three-bedroom units. In addition, the community features a gated entry, a clubhouse, heated pool & spa, 24-hour fitness center, business center, BBQ & recreation areas, bike storage, 467 parking spaces and Wi-Fi in the common areas.
Unit Amenities
The units will be well-appointed with nine-foot vaulted ceilings, ceiling fans, individually controlled heating and air conditioning, private balconies or patios, walk-in closets, soaking tubs, granite or quartz counters, and Energy Star appliances, which includes frost-free refrigerators with ice makers, self-cleaning ovens, dishwashers, microwave, garbage disposals and full-size washers & dryers in each unit.
About Paragon
Paragon Mortgage Corporation is an FHA, HUD MAP and LEAN approved mortgage lender solely focused on HUD-insured financing for over 34 years. Headquartered in Phoenix, Arizona, Paragon Mortgage is known for its highly experienced staff representing decades of originating, underwriting and processing of HUD/FHA loans. This experience combined with Paragon’s long-standing reputation within the industry and relationships within the development community has resulted in the closing of over $3B in FHA insured loans. Paragon Mortgage specializes in FHA Insurance loans for a variety of project types – Refinancing and Acquisition financing for market rate, affordable Multi-Family and Healthcare.
For more information, visit: www.paragon-mortgage.com.