OKLAHOMA CITY, April 29, 2011 /PRNewswire/ -- Encore Multi-Family, LLC announced yesterday the completion of financing through the U.S. Department of Housing and Urban Development (HUD) 221(d)(4) program for the company's next ground-up development project, Encore on Memorial, a garden-style apartment community located in the Tulsa suburb of Bixby, Oklahoma. Working with HUD approved lender Berkadia, the second largest originator of HUD loans in the U.S., the Encore Multi-Family team traveled to Oklahoma City Thursday to memorialize the achievement, and immediately begin construction on the newly financed and green-lighted development project.
"Encore Multi-Family has reached a milestone yesterday reinforcing our company's vision and foresight with the start of our fifth ground-up multifamily development in Tulsa," said Dr. Bharat Sangani, chairman of Encore Enterprises, Inc. "Working with our lender and HUD has provided Encore the financial foundation needed during the recession to develop very successful communities that residents will enjoy for years."
Brad Miller, president of Encore Multi-Family applauded HUD for their work ensuring a successful closing process for the much needed apartment home community in the Bixby/Tulsa area.
"We are proud of what Encore Multi-Family has accomplished with HUD over the past three years," said Mr. Miller. "It is shaping up to be a great year for Encore beginning with the opening of Encore Alsbury in February in South Fort Worth suburb of Burleson, Texas, closing Encore on Memorial yesterday, and we have multiple projects in our predevelopment pipeline for this year as well with HUD and other institutional organizations."
Encore Multi-Family has been working with the HUD 221(d)(4) as part of their development program since 2008 and has 1,196 apartment units in multiple phases of the HUD invitation, commitment, and approval processes as well as 448 units under construction and 638 units completed and operating. Encore on Memorial will open in December, 2011.
About Encore Multi-Family, LLC
Encore Multi-Family, LLC is a subsidiary of Encore Enterprises, Inc., and was founded in 2008 as a fully integrated multi-family developer, owner and operator. The company is involved in all aspects of multi-family development projects and acquisitions including, ground-up developments, joint ventures and mixed use turnkey developments. For more information about Encore Multi-Family, LLC, visit www.encore.bz, or call (214) 259-7000.
SOURCE Encore Multi-Family, LLC