Refinance of fully affordable multifamily property in Canby, OR has funded.
McBride Capital is pleased to announce that the cash-out refinance of Greenbriar Apartments in Canby, OR, has closed. The HUD 223(f) loan for this 86-unit property took out a bridge loan that McBride Capital placed in 2017. The benefit of HUD financing for fully affordable properties is the ability to underwrite to market rents on the value side, while underwriting to a 1.11x or 1.15x DSCR on in place rents in any market. This $7,080,000 loan boasts a 35-year term with 35-year amortization. Affordable properties also benefit from a reduced MIP of 0.25% annually.
The loan was originated by Ken McBride.