HUD 223(f) Loan Closing: Nola Place
McBride Capital is pleased to announce the refinance of Nola Place in Salem, Oregon has funded. The 54-unit multifamily property was refinanced with a HUD 223(f) loan. Nola Place was originally built in 1971 and underwent exterior and interior renovations starting in 2016 and finishing in mid-2018. The bridge loan for the rehab was also provided by McBride Capital. The upgrades to the property allowed it to qualify for green energy certification and reduced MIP of 0.25%. The borrower will benefit from a 35-year, fully amortizing loan, providing them maximum proceeds as well as peace of mind.
The loan was co-originated by Ken McBride and Sabrina Snow.