NEW YORK–(BUSINESS WIRE)–Harper Capital, a leading boutique lender focused on HUD-insured loans, today announced the successful closings of two HUD-insured refinances in September totaling $59 million.
The first deal was a $41.4 million refinance of a 240-unit, market rate property in Albuquerque, New Mexico. The transaction helped the borrower lock in a historically-low interest rate, which is fixed for the 35-year, fully-amortizing loan term. As part of the transaction, the borrower team also took advantage of its ability to pull cash out of the property and return capital to the partners.
One of the partners said, “This is the seventh project I have done with Nathan and his team to date and it went as smoothly as ever. Harper Capital is my first choice for multifamily lending.”
Harper’s second transaction in September was a $17.8 million refinance of a 168-unit affordable project in Sanford, Florida. The purpose of the refinance was also to lock in a low interest rate for the 35-year, fully-amortizing loan, as well as reduce the Mortgage Insurance Premium (MIP) rate to HUD’s 25 basis-point minimum. The refinance similarly helped return capital to project investors. The owners of the Sanford property are Lincoln Avenue Capital (LAC). LAC is one of the nation’s fastest-growing developers, investors, and operators of affordable housing, with a portfolio that includes more than 40 properties, comprising more than 8,700 units.
“This was a complicated transaction and we are grateful for the partnership with Harper Capital that allowed us to navigate and overcome the challenges presented,” said Yoni Gruskin, a partner and founder at Lincoln Avenue Capital.
Nathan Schuss, Harper Capital’s CEO said, “Between the low interest rate environment and our favorable underwriting terms, many more clients are taking advantage of the HUD financing programs lately.”
Harper Capital Partners, LLC, is an FHA/HUD-approved mortgage lender specializing in multifamily and healthcare HUD-insured debt solutions nationwide, enabling acquisitions, refinances, substantial rehabilitation, and ground-up development. Its team has experience working on more than $5 billion of transactions throughout the United States. www.harpercap.com.
Contacts
Emily Miller
Harper Capital
[email protected]
