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PHOENIX, April 14, 2021 /PRNewswire/ Paragon Mortgage announced today the closing on a New Construction HUD 221(d)(4) Loan for the development of Spring River II Apartments in Roswell, New Mexico. 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 40-year, fully amortizing low interest rate, non-recourse and fully assumable loan.
Paragon Mortgage Corporation Arranges $17.1M HUD 221(d)(4) New Construction Loan for Multifamily Property located in Roswell, New Mexico
The developer, Emery Chukly President of ESH Development, LLC, commented, I have worked with Paragon Mortgage for almost 30-years. They are super to work with - not only for their honesty and integrity - but also for their ability to get things done. They have also developed a great working relationship with HUD.