PHOENIX, June 23, 2021 / PRNewswire / – Paragon Mortgage today announced the closing of a new HUD 221 (d) (4) loan for the development of 59 Evergreen apartments in Glendale, Arizona. Paragon secured the New Construction Development Loan through the 221 (d) (4) mortgage insurance program of the US Department of Housing and Urban Development. This financing provided by the HUD provides a combined loan for construction and a permanent loan for multi-family projects at market rate; 40 years fully amortizable, 85% loan at cost, non-recourse and fully assumable.
In 2018, Visiquest Properties bought the land, modified the flat to group the 70 vacant lots into one lot. With the lots came majority control of the HOA and the common areas. This created a clean slate allowing the R-4 zoned lot to be developed into 96 two-story garden apartments. The 20 existing townhouses (circa 1973) along 59e Ave are part of the dish, but do not part of the Property. Plans include remodeling the exteriors of the townhouse and all common areas to blend in with the new project, including a new swimming pool, resident center, fence, landscaping, pet park and monument signage. For more information on Visiquest and Joel Broder, CEO of Visiquest, please visit www.visiquest.us.
âWorking with Joel and his Visiquest team has proven that dedication, persistence and hard work pay off. Visiquest sees real estate differently and 59 Evergreen will be exceptional, âsaid Jim swanson, President of Paragon Mortgage.
Built to meet the National Green Building Standard (NGBS) Bronze, construction features include soundproof party walls, double-glazed windows with security locks, private solid-core entry doors with deadbolts and security systems available. 59 Evergreen offers smart home technology, green building certification, beautifully efficient clean designs, 5 open floor plans, cafe, bar, student union, coworking meeting space, room dividers in trees for open events, a yoga lawn by the pool, a dog park, parcel lockers, bicycle storage, 200 parking spaces and public transportation accessible at the front door.
Private balcony / patio, blinds, vinyl floors, quartz / granite counters, central heating and air conditioning, wardrobes, walk-in closets, outdoor storage units, 9 foot ceilings and full size washers and dryers. Kitchen appliances will include refrigerators, a self-cleaning oven with stove, garbage disposals, dishwashers and microwaves. Furnished units available.
About the Paragon mortgage
Paragon Mortgage Corporation is an FHA, HUD MAP, and LEAN approved mortgage lender that has focused solely on HUD-assured financing for over 34 years. Based at Phoenix, Arizona, Paragon Mortgage is known for its highly experienced staff representing decades of HUD / FHA loan creation, underwriting and processing. This experience combined with Paragons long standing reputation within the industry and relationships within the development community has resulted in the closure of more than $ 3 billion 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 health care. For more information visit: www.paragon-mortgage.com.
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SOURCE Paragon Mortgage Company