MIDLAND, TX-A multifamily investment group recently received a cash-out refinancing of about $2.5 million from Dallas-based Malone Mortgage Co. The borrower of record, NHP Midland LP, leveraged the loan with the Windtree Apartments, a 232-unit apartment complex at 3600 W. Loop 250 in Midland.
Malone provided cash-out refinancing to the limited partnership through the federal Housing and Urban Development's 223(f) full-insurance Multifamily Accelerated Processing (MAP) program. The loan has a 30-year term and is fully assumable. The apartment complex consists of 21 two-story buildings with brick, brick veneer and wood trim exterior.
Malone Mortgage specializes in new construction financing and rehabilitation financing for projects throughout the United States and also provides funding for assisted living and nursing home construction and refinancing.
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