PHOENIX--(BUSINESS WIRE)--Jim Swanson, President of Paragon Mortgage announced that on June 26 Paragon arranged the refinancing of The Franciscan at Bear Creek Apartments in Euless, Texas, a suburb of Dallas.
Paragon secured the $38.4 Million loan through the US Department of Housing and Urban Development’s 223(f) mortgage insurance program. The HUD program provided the owner with a low interest rate, 35 year fully amortized, non-recourse financing to restructure the property debt and fund minor repairs to the property.
“During these uniquely challenging times, we appreciated the cooperation and commitment of all parties involved. The collaboration between our client and our highly experienced underwriting team resulted in a successful transaction,” said Swanson.
The Franciscan at Bear Creek is a 264-unit luxury market-rate apartment community consisting of one-, two- and three-bedroom type units offering numerous amenities. Residents enjoy access to an elegant community clubhouse, engaging social spaces, barbeque areas with grills, park, courtyard, pool views and offers attached and detached garages.
Paragon Mortgage Corporation is an FHA, HUD MAP and LEAN approved mortgage lender solely focused on HUD-insured financing for over 33 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 Paragons 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 – Multi-Family Refinancing, Acquisition, New Construction, Substantial Rehabilitation in addition to Senior Housing and Healthcare.
For more information, visit: www.paragon-mortgage.com.