PHOENIX--(BUSINESS WIRE)--Paragon Mortgage announced today the closing on a new construction HUD 221(d)(4) Loan for the development of the Inspiration Cottonwood Apartments in Cottonwood, Arizona. Paragon secured the $44.4M 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.
Property amenities
The garden-style apartments will have 192-units, consisting of one-, two- and three- bedroom units. Both of the two-bedrooms unit types will offer two bathrooms - a rare offering in the market area. Common area amenities will include a community room/clubhouse with free Wi-Fi, swimming pool, a picnic area with BBQ, exercise facility, and recreation areas that will include a dog run area.
Unit amenities
Inspiration Cottonwood amenities will include Energy Star appliances, wood-plank style laminate and carpet flooring, blinds, ceiling fans, full-sized washer/dryers, patio/balcony storage and scenic views. Also available: 64 detached rentable garages and 193 covered parking spaces. The property will be built to a high standard of energy efficiency and will obtain an Energy Star certification at the end of construction.
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.
