MIAMI—The multifamily refis are still flowing strong. Foxwood Apartments, an affordable multifamily community in Panama City, FL, just won a $4.8 million loan. Centerline Capital Group provided the FHA HUD 223(f) loan.

“Centerline completed the most recent refinance using the FHA 223(f) program under the Three Year Waiver Rule to provide permanent financing at an attractive fixed rate,” Jim Gillespie, managing director at Centerline, tells GlobeSt.com. “The proceeds from the FHA loan were used to retire the existing indebtedness and cover related transaction costs.”

Constructed in 1980, Foxwood Apartments was acquired in 2011 and renovated using proceeds from the sale of 9% Low Income Housing Tax Credits and conventional financing. The renovation—that totaled in excess of $35,000 per unit—was completed in June 2013.