Metropolitan Funding Corp. is a national HUD/FHA approved Multifamily Accelerated Processing lender. It had closed the loan for the 300-unit Vineyards Apartments through the FHA 221 (d)4 program. Forest City Equities Inc. of Houston is the developer.
The Vineyards will be a 22-building community on 21 acres. Buildings will range in size from 2 and 3 stories. The community includes garages, carports and storage facilities. The clubhouse contains a pool, fitness center, business center, spa and playground. Each unit features a full amenity package including microwaves and washers and dryers. Projected rents for the 300 units average $1 per sf, for the one-, two- and three-bedroom units.
Metropolitan had been able to reprocess the loan for a construction cost and mortgage increase after a commitment had been issued through the Denver HUD office in just three weeks. This project shows how the newly designed processing systems of HUD are working successfully.
The non-recourse, fixed-rate construction and permanent mortgage rate had been locked at 7.95%. During construction, only interest is required, but the loan rolls into a 40-year self-liquidating term upon completion. The $25-million loan will cover 99% of the projects total transactions costs during its 20-month construction schedule.
Metropolitan Funding Corp. is headquartered in New York City with correspondent offices in Dallas and Houston. It is one of the leading national mortgage banking firms, specializing in HUD/FHA financing and conventional direct fund lending.
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