Eastern Mortgage Capital has closed a $21.5 million loan for The Rousseau, an 84-unit apartment complex located at 9111 N Maple Ave in Fresno. The financing was completed in August and made possible through the FHA 223(f) program, which offers long-term, fixed-rate, non-recourse loans for multifamily properties.
Peter Tousignant, vice president at Eastern Mortgage Capital, commented on the transaction: “We were delighted to execute a cash out refinance for one of the region’s premier multifamily developers. We were also extremely pleased with HUD’s quick turnaround time in underwriting the loan.”
The terms of the loan include full non-recourse with no carve-outs, assumability, and a step-down prepayment structure that does not require yield maintenance or defeasance. This prepayment provision expires after ten years.
