Fairmont Arbors is a 119 unit elderly project in Fairmont, WV. This 223(f) amounted to $8,096,000. This project was originated by Mike McCullough, Vice President.
This 223(f) loan is a refinance transaction which also involved a new 20-year Section 8 contract with a new Mark-Up-To Market rent structure based on a substantial refurbishment that was included in the loan proceeds. In addition to the Broadly Affordable mortgage insurance designation, the improvements are also located in an Opportunity Zone which enabled this transaction to have the lowest possible HUD fees. Developed in 1977, this property is owned and managed by the third-generation who are furthering the family legacy.
- Project Name Fairmont Arbors
- Project Location Fairmont, WV
- Loan Amount 8,096,000
- Originator Mike McCullough