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$8-Mil Loan Gets 164-Unit Project Rolling

BASTROP, TX-In two weeks, Bastrop will kick off the first new multifamily project to come out of the ground in a decade. Mets Properties is developing the 164-unit project, which is getting a jumpstart from an $8-million loan.

By Tim Green | Updated on June 07, 2001

BASTROP, TX-Metropolitan Funding Corp. has closed on an $8-million loan to build a class-B garden apartment community in Bastrop, about 25 miles east of Austin.

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.

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