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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
