HUD 221(d)(4) – New Construction
The Real Estate
A proposed residential community comprised of 19 buildings housing 216 multifamily units, parking garages, a club house and amenities, Capital Place at Southwood is located 4 miles east of downtown Tallahassee. Situated on approximately 19 acres, the site has close proximity to major routes, retail and employment complexes.
The Client’s Objectives
Seasoned real estate professionals with experience in government sponsored financing, the clients possessed a deep understanding of the local real estate and housing markets. They sought to structure financing that would allow them to capitalize on the strength of the local market and subject property location in netting the highest possible leverage and most favorable loan terms.
To meet the client’s financial objectives Rockport secured $17.5 million in fixed-rate, long term financing through the HUD 221(d)(4) program. A thorough analysis of multifamily housing supply and demand was conducted during the underwriting process, including a review of local development opportunities and processes, as well as employment trends. As a result of the analysis, which showed very limited supply of and growing demand for the proposed housing type, Rockport utilized estimated job and population growth in preparing the loan submission package.