Jeff Rogers of the Fort Worth office of Colliers Mortgage closed a $4.5 million HUD loan for the refinance of Avanti at Greenwood in Corpus Christi. The project is an 81-unit broadly affordable multifamily property. The property currently has eight units restricted to individuals or families earning 30% or less of area median income, 15 units restricted to individuals or families earning 50% or less of area median income, and 50 units restricted to individuals or families earning 60% or less of area median income. The remaining eight units at the property are market rate units.
As part of the transaction, the borrower was able to pay off their construction loan and put long term HUD financing on the property.
The loan carries a 35-year term/amortization and was arranged for borrower, Avanti at Greenwood, LP.
