Pavilion at Twin Creek: 240 Units Open to the Public in Bellevue
The Omaha Multifamily Program Center and the Legal Division, closed a $15,690,400 loan on Thursday, February 28, 2013, for a market rate project located in Bellevue, NE, called Pavilion at Twin Creek.
The 240 unit project is a refinance of a project previously in our portfolio and is now insured under HUD’s Section 207, pursuant to Sections 223(f) and (a)(7) of the National Housing Act. The project was originally financed under the Section 223(f) program with a Three Year Waiver in June 2010. The mortgagor is Twin Creek Apartments, LLC.
The primary benefit of the transaction is the reduction in the interest rate from 4.75% to 3.68% which will dramatically decrease debt service savings for the project. The new mortgage rate generated a premium required to cover a portion of the prepayment penalty. No term extension was added to the refinance.
Multifamily Loan Information