FHA New Construction
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Paragon Mortgage Corporation
Arranges $45.1M HUD 221(d)(4) New Construction Loan for
Multifamily Property located in Marana, AZ
PHOENIX – November 10, 2021 – Paragon Mortgage announced today the closing on a new construction HUD 221(d)(4) Loan for the development of The Alexander Apartments in Marana, Arizona. Paragon secured the $45.1M New Construction loan for the development through the US Department of Housing and Urban Development’s 221(d)(4) Mortgage Insurance Program.
The HUD-insured financing provides for a combined construction and permanent loan for Market Rate multifamily projects. The non-recourse, fully assumable loan features a 40-year, fully amortizing loan term at 85% loan to cost.
The developers/owners, Lex Sears, Doron Sears and Emery Chukley have combined requisite multifamily ownership experience and extensive real estate development experience.
The contemporary, garden apartments will have 209-units, consisting of one-, two- and three-bedroom units is one of only a few communities in the area offering upscale finishes, elevator access to all above-ground level units, and extensive community amenities. The Alexander will offer 12 attached and 53 detached garages, 190 covered carports, and 124 open parking spaces, common area Wi-Fi allowing residents to roam throughout common areas without experiencing any Wi-Fi disruptions, and strategically placed interior and exterior security cameras.
The Alexander will have Green/Sustainable features including Energy Star appliances, LED lighting and high-performing, low-E fiberglass windows, a recycling program and Smart Home technology. The apartments will come equipped with a modern technology package, which will offer a seamless “sidewalk to sofa” experience – allowing residents to control entry gates, main door entry control to smart locks, and temperature and lighting control all from a single application on their smart phone.
Paragon Mortgage Corporation is an 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 Paragon’s long-standing reputation within the industry and relationships within the development community has resulted in the closing of over $4B in FHA insured loans. Paragon Mortgage specializes in FHA Insurance loans for a variety of project types – Refinancing and Acquisition financing for market rate, affordable Multi-Family and Healthcare.
For more information, visit: www.paragon-mortgage.com.