Estate Villas of Krum
On December 19th, the Ft. Worth Program Center closed an insured 221(d)4 new construction mortgage for the Estate Villas of Krum, a 140 unit to-be-built property located in Krum, TX.
Krum Estate Villas, Ltd., the borrower, is a for-profit partnership sponsored by Mr. Byron Ballas. While this was the sponsor’s first FHA-insured project, the development team featured a solid mix of both FHA and non-FHA multifamily experience.
The property is located near two new schools and several new subdivisions. Although growing, the immediate area is still fairly rural and “underserved” in terms of multifamily housing. Estate Villas of Krum will help satisfy some of this area’s demand for affordable apartment housing.
The $12,997,400 mortgage was closed at a 6.76% interest rate.
FHA APARTMENT LENDER FANNIE MAE - FREDDIE MAC - HEALTHCARE and HOSPITAL LOANS
232 LEAN - APARTMENT NEW CONSTRUCTION - REFINANCE - National AFFORDABLE MULTIFAMILY HOUSING LENDER
Commercial Mortgage - Apartment - Healthcare
