Paragon Mortgage Corporation Arranges $6.1M to Refinance Multifamily Property in Phoenix, AZ

PHOENIX--(BUSINESS WIRE)--Jim Swanson, President of Paragon Mortgage announced that on October 1, 2021, Paragon arranged the refinancing of Whispering Willows Apartments located in Phoenix, Arizona.

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 refinance of the 99-units achieves permanent, long-term financing at current low prevailing interest rates, and allows for energy saving improvements as part of obtaining the reduced Green Energy MIP - which will reduce operating costs. The HUD program provided the owners with a 35-year fully amortizing, non-recourse loan.

Property Details

Whispering Willows Apartments is a 99-apartment garden style complex consisting of 1-bedroom and 2-bedroom units, located in the North Mountain submarket in Phoenix, AZ, close to shopping, dining and entertainment - and offering breathtaking views. Amenities include electric range/oven hoods, refrigerator/freezer, dishwasher, ceiling fans, window coverings, two (2) swimming pools, jacuzzi/spa, BBQ grills, playground, laundry facility, and a storage closet off of the large patio/balcony. The property offers 149 uncovered parking spaces available to residents.

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 – Multi-Family Refinancing, Acquisition, New Construction, Substantial Rehabilitation in addition to Senior Housing and Healthcare.

For more information, visit: www.paragon-mortgage.com.