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A Developer's Successful Quest for HUD's New Mortgage Insurance Premiums

VIRGINIA BEACH, VA-The Choices at Holland Windsor project used new HUD guidelines for green and energy efficiency apartment standards to secure a lower mortgage insurance premium.

By Erika Morphy | erikamorphy | Updated on August 30, 2016

Holland Windsor Crossing. Photo by S.L. Nusbaum Realty Co. Holland Windsor Crossing. Photo by S.L. Nusbaum Realty Co.

VIRGINIA BEACH, VA–An apartment project in Virginia Beach secured a $33.2 million construction loan from the US Housing and Urban Development. The loan, which was placed by Greystone, was able to take advantage of HUD’s 2016 Multifamily Accelerated Processing, or MAP, Guide standards  — more on that in a moment — and get a lower mortgage insurance premium because of its green or energy-efficient features.

The Choices at Holland Windsor is the name of the project. It will have 252 residential market rate units in seven buildings located at the the Holland Road / Windsor Oaks intersection of Virginia Beach. Greystone did not disclose the name of the developer but public records suggest the project is being developed on a parcel owned by  S.L. Nusbaum Realty Co., where the Holland Windsor Crossing, a neighborhood shopping center, is also located.

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