PHOENIX, July 29, 2020 /PRNewswire/ -- Jim Swanson, President of Paragon Mortgage announced that on July 24th Paragon arranged the refinancing of Raintree I and II Apartment Communities located in Clovis, New Mexico.
Paragon secured the $11.2 Million and $7.6 Million loans for Raintree I and II through the US Department of Housing and Urban Development's 223(a)(7) mortgage insurance program. The HUD program provided the owners with a low interest rate, 40 year fully amortized, non-recourse financing to restructure and lower the current debt service.
"The current economic environment combined with the extremely low interest rates provide for an opportune time to refinance multifamily properties and reduce financial risk exposure during these uncertain times," said Swanson.
Property Details Raintree I and II is a combined 256-market rate apartment community located in Clovis, NM. This amenity rich property includes spacious 1-, 2- and 3-bedroom apartment homes in a gated community, which offers a pool and spa, 24-hour fitness center, business center, garages and storages, gas grill, GE appliances and a washer/dryer in each apartment.
About Paragon Paragon Mortgage Corporation is an FHA, HUD MAP and LEAN approved mortgage lender solely focused on HUD-insured financing for over 33 years. Headquartered in Phoenix, Arizona, Paragon Mortgage is known for its highly experienced staff representing decades of originating, underwriting and processing of HUD/FHA loans. This experience combined with Paragon's long-standing reputation within the industry and relationships within the development community has resulted in the closing of over $3B in FHA insured loans. Paragon Mortgage specializes in FHA Insurance loans for a variety of project types – Multi-Family Refinancing, Acquisition, New Construction, Substantial Rehabilitation in addition to Senior Housing and Healthcare.