McBride Capital Arranges Acquisition Financing for Springtree Apartments in Portland, OR
Location: Portland, OR
Property Type: Multifamily (72 Units)
Loan Program: HUD Heavy 223(f)
Loan Amount: $5,057,200
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Acquisition financing for Springtree Apartments in Portland, OR has been arranged by McBride Capital via the HUD Heavy 223(f) program.
The terms of the HUD 223(f) program are favorable to the borrower, especially for fully affordable properties such as Springtree Apartments. The program provides up to 85% loan to market value, 1.15x DSCR, 35-year fully amortizing term, reduced MIP and low interest rates. Additionally the Heavy 223(f) allows the borrower to wrap rehab costs into the loan.
McBride Capital worked with the lender and borrower to facilitate closing on an expedited timeline, which prevented the need to bridge into the HUD loan.
More information on HUD's programs can be found here.
The borrower, which specializes in affordable housing, has preserved the fully affordable nature of this property, invested heavily into its renovation, and will provide tenants with a much improved community to live in.
The loan was originated by Ken McBride.