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Harper Capital Closes Two HUD-insured Loans in June 2019 Totaling $25+ MillionHarper Capital, a leading boutique lender focused on HUD-insured loans, today announced the successful closings of two HUD-insured refinances in June exceeding $25 million. One transaction refinanced a rental complex held by a northeastern public housing authority. The project was built in the 1960s and rehabbed using Low-Income Housing Tax Credits (LIHTC) in the 1990s. The housing authority wanted to refinance high-interest debt and make significant renovations to the property. Utilizing HUD rules valuing the project with unrestricted rents, Harper Capital's loan provided approximately $3 million for HVAC, elevator, and exterior repairs, in addition to more than $1.5 million in cash-out proceeds. The housing authority can use those proceeds for the subject property, central-office overhead, or any other purpose. The other transaction refinanced Mason Estates, a market-rate, 169-unit property built in 2013 in Louisiana. The Section 223(f) project accomplished both of the borrower's financing goals: it reduced the Mortgage Insurance Premium (MIP) rate to 0.25% and provided significant csh-out proceeds. The reduction in MIP was achieved through HUD's green MIP program without any renovations required. "Nathan and the Harper Capital team did a great job guiding us to closing in less than six months, including the time required for ENERGY STAR (News - Alert) certification. The refinance allowed us to return a large chunk of equity our partners put up for construction," said Roger Landry, Mason Estates' managing member. He added, "I've done HUD-insured loans with several lenders over the course of my career and realize Harper Capital provides the smoothest process and most competitive terms. Harper Capital has definitely become my go-to lender." Nathan Schuss, Harper Capital's CEO, said, "Together, these transactions exemplify the flexibility and reach of HUD's programs. We can simultaneously provide funding for the renovation of an age-restricted, Section 8, and LIHTC project in an urban area and a loan with major cash out for a market-rate project in suburban Louisiana. With today's low-rate environment and HUD's improved timing, we are seeing substantial interest from a similarly-broad band of the multifamily spectrum." Harper Capital Partners, LLC, is an FHA/HUD-approved mortgage lender specializing in multifamily and healthcare HUD-insured debt solutions nationwide, enabling acquisitions, refinances, substantial rehabilitation, and ground-up development. Its team has experience working on more than $5 billion of transactions throughout the United States. www.harpercap.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20190718005465/en/ |
