Chris Will Closes HUD/FHA Loan for Telegraph Crossing Apartments

PROPERTY NAME: Telegraph Crossing

PROPERTY ADDRESS: 2610 Deloak Dr. St. Louis, MO

LOAN AMOUNT: $8.7 Million

LOAN CODE/SECTION: FHA Section 223(a)(7)

UNITS: 200

St. Louis Loan Closing – Refinance in St. Louis, MO.  

Originator: Chris Will

“Gershman Investment Corp. originated an $8.7 MM HUD 223(a)(7) loan for Telegraph Crossing Apartments, a 200-unit apartment community located in St. Louis, MO. Built in 1970, Telegraph Crossing features a swimming pool and mature landscaping. It has bee very well-maintained by the property owners. In 2015, Chris Will originated the original 223(f) HUD loan for this property, and with this 223(a)(7) refinance assisted the borrower in dropping the interest rate and reducing its rate of Mortgage Insurance Premium (“MIP”) from 0.60% to 0.25%.”

Chris Will detailed, “Due to the owner’s ongoing capital improvements strategy funded in part with the original 223(f) loan, this 50 year old property obtained an Energy Star Certification and reduced its Mortgage Insurance Premium rate to 0.25%. We were also able to drop the interest rate and reduce the debt service payments, all of which generated significant cash-flow to the owner’s bottom-line.”

CONTACT US

For more information about our FHA Multifamily financing services, please email  Chris at Cwill@gershman.com or call:

Chris Will
Vice President – Commercial Loan Officer

Multifamily & Senior Housing

314-854-9513