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Paragon Mortgage Corporation Arranges $6.1M to Refinance Multifamily Property in Phoenix, AZ

·2-min read

PHOENIX, October 14, 2021--(BUSINESS WIRE)--Jim Swanson, President of Paragon Mortgage announced that on October 1, 2021, Paragon arranged the refinancing of Whispering Willows Apartments located in Phoenix, Arizona.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211014005211/en/

Paragon Mortgage Arranges $6.1M HUD 223(f) FHA Refinance (Graphic: Business Wire)

Paragon secured the $6.1 Million loan for Whispering Willows through the US Department of Housing and Urban Development’s 223(f) mortgage insurance program. The refinance of the 99-units achieves permanent, long-term financing at current low prevailing interest rates, and allows for energy saving improvements as part of obtaining the reduced Green Energy MIP - which will reduce operating costs. The HUD program provided the owners with a 35-year fully amortizing, non-recourse loan.

Property Details

Whispering Willows Apartments is a 99-apartment garden style complex consisting of 1-bedroom and 2-bedroom units, located in the North Mountain submarket in Phoenix, AZ, close to shopping, dining and entertainment - and offering breathtaking views. Amenities include electric range/oven hoods, refrigerator/freezer, dishwasher, ceiling fans, window coverings, two (2) swimming pools, jacuzzi/spa, BBQ grills, playground, laundry facility, and a storage closet off of the large patio/balcony. The property offers 149 uncovered parking spaces available to residents.

About Paragon

Paragon Mortgage Corporation is an FHA, HUD MAP and LEAN approved mortgage lender solely focused on HUD-insured financing for over 34 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.

For more information, visit: www.paragon-mortgage.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211014005211/en/

Contacts

Lilla Abegg-Swanson
Vice President
lswanson@paragon-mortgage.com
(602) 347-6726

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