Paragon Mortgage Corporation Arranges $17.1M HUD 221(d)(4) New Construction Loan for Multifamily Property located in Roswell, New Mexico

PHOENIX, April 14, 2021 /PRNewswire/ -- Paragon Mortgage announced today the closing on a New Construction HUD 221(d)(4) Loan for the development of Spring River II Apartments in Roswell, New Mexico. Paragon secured the New Construction loan for the development through the US Department of Housing and Urban Development's 221(d)(4) Mortgage Insurance Program. This HUD-insured financing provides for a 40-year, fully amortizing low interest rate, non-recourse and fully assumable loan.

The developer, Emery Chukly President of ESH Development, LLC, commented, "I have worked with Paragon Mortgage for almost 30-years. They are super to work with - not only for their honesty and integrity - but also for their ability to get things done. They have also developed a great working relationship with HUD."

Property Details / Information

Spring River II Apartments is the only market area community to offer upscale finishes, including granite/quartz counter, energy efficient appliances, and modern designer fixtures. The 112-unit green and energy efficient community include spacious 1-, 2- and 3-bedroom apartment homes. Amenities include 9' ceilings, full-sized in-unit washers and dryers, covered parking and 10 detached rentable garage spaces. Shared community amenities include a 24-hour fitness center, clubhouse, pool and spa, business center, dog park, playground and outdoor recreation area.

About Paragon
Paragon Mortgage Corporation is an FHA, HUD MAP and LEAN approved mortgage lender solely focused on HUD-insured financing for over 33 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.