59 Evergreen Apartments

Franciscan at Bear Creek - 1

Type

FHA New Construction

Financing Amount

$18.6 Million

Location

Glendale, AZ

Number of Units

96

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Paragon Mortgage Corporation
Arranges $18.6M HUD 221(d)(4) for New Construction Loan
Multifamily Property in Glendale, AZ

PHOENIX – (June 23, 2021) – Paragon Mortgage announced today the closing on a new construction HUD 221(d)(4) Loan for the development of 59 Evergreen Apartments in Glendale, Arizona. Paragon secured the New Construction loan for the development through the US Department of Housing and Urban Development’s 221(d)(4) Mortgage Insurance Program. This HUD-insured financing provides for a combined construction and permanent loan for Market Rate multifamily projects; 40-year fully amortizing, 85% loan to cost, non-recourse and fully assumable.

In 2018, Visiquest Properties bought the land, amended the plat to consolidate the 70 vacant lots into a single lot. With the lots came majority control of the HOA and the common area tracts. This created a clean slate allowing the R-4 zoned land to be developed into 96 two-story garden apartments. The 20 existing townhomes (circa 1973) along 59th Ave are part of the plat, but not part of the Property. Plans include remodeling the townhome exteriors and all the common areas to blend with the new project including a new pool, resident center, fencing, landscaping, pet park and monument signage. For more information about Visiquest and Joel Broder, Visiquest CEO, please visit www.visiquest.us.

“Working with Joel and his Visiquest team has proven that dedication, perseverance and hard work pays off. Visiquest sees real estate differently and 59 Evergreen will be exceptional,” said Jim Swanson, President of Paragon Mortgage.

Property amenities
Built to meet the National Green Building Standard (NGBS) Bronze, construction features include sound resistant party walls, dual pane windows with security locks, private entry solid-core doors with deadbolts and available security systems. 59 Evergreen offers Smart Home technology, green building certification, beautifully efficient clean designs, 5 open floor plans, coffee shop, bar, student union, co-working meeting space, tree room dividers for open events, a yoga lawn by the pool, dog park, package lockers, bike storage room, 200 parking spaces and accessible public transportation at the front door.

Unit amenities
Private balcony/patio, blinds, vinyl plank flooring, quartz/granite countertops, central heating and air conditioning, coat closets, walk-in closets, exterior storage units, nine-foot volume ceilings, and full-sized in-unit washer and dryers. Kitchen appliances will include refrigerators, self-cleaning oven with stove, garbage disposals, dishwashers and microwaves. Furnished units available.

About Paragon Mortgage
Paragon Mortgage Corporation is a FHA, HUD MAP and LEAN approved mortgage lender solely focused on HUD-insured financing for over 34-years. Headquartered in Phoenix, Arizona, Paragon Mortgage is known for its highly experienced staff representing decades of originating, underwriting and processing of HUD/FHA loans. This experience combined with Paragons long standing reputation within the industry and relationships within the development community has resulted in the closing of over $3B in FHA insured loans. Paragon Mortgage specializes in FHA Insurance loans for a variety of project types – Multi-Family Refinancing, Acquisition, New Construction, Substantial Rehabilitation in addition to Senior Housing and Healthcare. For more information, visit: www.paragon-mortgage.com.

Contact
Lilla Abegg-Swanson
Vice President
lswanson@paragon-mortgage.com
(602) 347-6726