Metropolitan Funding is a national HUD/FHA approved Multifamily Accelerated Processing lender. It has closed the loan for the 164-unit Central Park Apartments through the FHA 221(d)4 program.
Construction is to begin in the next two weeks on the project, the biggest multifamily development in Bastrop. The developer is Mets Properties LP.
David Stein, vice president at Metropolitan, tells GlobeSt.com that there is high, qualified demand for new apartments in the Bastrop area because of population and employment growth. "Bastrop hasn't seen any new multifamily construction of this size or type in well over a decade," he says.
Projected rents are 77 cents per sf for the one-, two- and three-bedroom apartments. The project puts 11 two-story residential buildings on eight acres. The property has carports for 174 cars. The clubhouse is to contain a pool, fitness center, laundry facilities and playground. Central Park is on the north side of Texas 71, just east of the Colorado River.The non-recourse, fixed rate construction and permanent mortgage is locked in at 7.2%. It is interest-only during construction and rolls into a 40-year self-liquidating term upon completion. The $8-million loan will cover 94% of the construction costs.
Metropolitan Funding is a national mortgage banking firm that deals in HUD/FHA financing and conventional direct fund lending. The firm is based in New York and has correspondent offices in Dallas and Houston.
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