McBride Capital arranges acquisition financing for Curve Crest Apartments in Stillwater, MN
Acquisition financing for Curve Crest Apartments, a 90-unit partially affordable property in Stillwater, MN has funded. The development consists of 90 apartment units, 69 of which are restricted to households with incomes not exceeding 60% of the Area Median Income (AMI), while 21 are market rate units. The development is for general occupancy and there are no age or special population restrictions.
Dwight Capital, a top three HUD lender, provided the financing for this property via the FHA insured Section 223(f) program. The loan terms included a 35-year term, 35-year amortization, non-recourse loan with a 10-year step down prepayment schedule.
The deal team for this transaction was led by Ken McBride.
