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TREND TALK.

BANC ONE CAPITAL FUNDING CORPORATION, Columbus, Ohio, recently closed a $5.103 million new construction multifamily loan in Palm Spring, Florida. Palm Springs Apartments, a 103-unit new construction project, was processed through the U.S. Department of Housing and Urban Development's (HUD) Florida Multifamily Hub in Jacksonville. Banc One, as FHA mortgage, used the FastTrack program and submitted the owner's third party reports along with its own underwriting. The timing took only 45 days for the firm commitments stage of processing.

Senior housing in the Houston area received a $40 million influx of capital recently from Freddie Mac, Washington, D.C., and MITCHELL MORTGAGE COMPANY, Houston, in the form of mortgage loans on three properties. Freddie Mac, one of the largest investors in multifamily mortgages today, and Mitchell Mortgage, a member of Freddie Mac's Program Plus network, refinanced three local senior citizen communities, Terrace at Memorial City for $22.5 million; Terrace at Willowbrook for $10 million; and Spring Shadows Place for $7.6 million. Combined, the three properties provide more than 1,325 units of high-quality seniors housing.
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Publication:Units
Geographic Code:1USA
Date:Mar 1, 1999
Words:179
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