Westpoint at Scenic Vista apartment community has gained $25 million in refinancing from CBRE Group Inc.’s FHA lending platform.
The $25,164,600 refinancing loan was made to renovate the 264-unit property at 1200 Scenic Vista Drive in west Fort Worth.
Funding the loan was the U.S. Department of Housing and Urban Development’s Section 223(f), providing a 35-year, fully amortizing, fixed rate and non-recourse loan structure.
The loan will finance the rehabilitation of the Fort Worth apartment property, a 264-unit complex with 132 one-bedroom units and 132 two-bedroom units constructed in 2008.
The financing was originated by Chad Ricks and Stephanie McFadden of CBRE. The fixed rate, long-term FHA insured loan will facilitate capital improvements while taking advantage of historically low interest rates, McFadden said.
Robert Corry of Westpointe Apartments LLC, applauded CBRE’s role in securing the loan.
“It is a complicated loan process and Chad and the CBRE team were very knowledgeable and responsive from our first contact to the loan’s closing,” Corry said.
“This 35-year fixed rate loan will add long term stability to our family’s multi-family asset,” said
CBRE is a direct FHA lender offering the full array of FHA-insured financing for both multifamily and healthcare.