PHOENIX--(BUSINESS WIRE)--Paragon Mortgage announced today the closing on a new construction HUD 221(d)(4) Loan for the development of The Alexander Apartments in Marana, Arizona. Paragon secured the $45.1M New Construction loan for the development through the US Department of Housing and Urban Development’s 221(d)(4) Mortgage Insurance Program.
The 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.
The developers/owners, Lex Sears, Doron Sears and Emery Chukley have combined requisite multifamily ownership experience and extensive real estate development experience.
Property amenities
The contemporary, garden apartments will have 209-units, consisting of one-, two- and three- bedroom units is one of only a few communities in the area offering upscale finishes, elevator access to all above ground level units, and extensive community amenities. The Alexander will offer 12 attached and 53 detached garages, 190 covered carport, and 124 open parking spaces, common area Wi-Fi allowing residents to roam throughout common areas without experiencing any Wi-Fi disruptions, and strategically placed interior and exterior security cameras.
Unit amenities
The Alexander will have Green/Sustainable features including Energy Star appliances, LED lighting and high-performing, low-E fiberglass windows, a recycling program and Smart Home technology. The apartments will come equipped with a modern technology package, which will offer a seamless “sidewalk to sofa” experience - allowing residents to control entry gates, main door entry control to smart locks, and temperature and lighting control all from a single application on their smart phone.
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 $4B 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.
