O’Fallon, IL Loan Closing – Refinance in O’Fallon, IL.
Originator: Chris Will
ST. LOUIS, Dec. 30, 2020 /PRNewswire/ –– Gershman Investment Corp. originated a $25.3 million HUD 223(a)(7) loan for Parkway Lakeside Apartments, a 232-unit apartment community located in O’Fallon, IL. Built in 2011, Parkway Lakeside features Class A amenities including a saltwater swimming pool, clubhouse, fitness center, business center, dog park, playground, BBQ and picnic areas. With the 223(a)(7) refinance, the borrower took advantage of the low-rate environment, dropping their interest rate to 2.20% and reducing their rate of Mortgage Insurance Premium (“MIP”) to 0.25%.
Managing Director, Chris Will, commented, “Due to having an existing FHA loan, Parkway Lakeside was eligible for the 223(a)7 program which allowed us to lower the rate and extend the maturity to 40 years. The owner’s existing strategy to reduce energy consumption helped them easily obtain an Energy Star Certification, which in turn lowered their rate of Mortgage Insurance Premium. All of this combined to provide significant cash-flow savings.”
PROPERTY NAME: Parkway Lakeside
PROPERTY ADDRESS: 1100 Boulder Creek Drive, O’Fallon, IL 62269
LOAN AMOUNT: $25.3 Million
LOAN CODE/SECTION: FHA Section 223(a)(7)
For more information about our FHA Multifamily financing services, visit https://www.gershman.com/commercial-mortgages/
SOURCE Gershman Investment Corp.