Based on input from the lender, the general contractor, the property management team and others, Bishop Creek Apartments will consist of 144 total units in six buildings, including 12 studios, 36 1-bedrooms, 84 2-bedrooms, and 12 3-bedroom apartments. In addition, we will build 40 garages that will each rent for an additional $100 per month. [...]
Browsing Posts in North Carolina
The U.S. Department of Housing and Urban Development has two special programs that insure mortgage loans for the new construction or substantial rehabilitation of multifamily rental or cooperative housing. These projects must be designed for moderate income families, the elderly or the disabled. The programs are best known by their section names: 221(d)(3) is available [...]
Here are the latest architect’s renderings of our Surf City apartment project, Bishop Creek Apartments. The six residential buildings are all 3 story garden style walk-ups with breezeways, as illustrated. Be sure to see our latest update on this project here.
For the 5th year in a row, and eighth time in the last nine years, North Carolina ranks at the top for best business climate, according to Site Selection Magazine. Editor-in-Chief Mark Arend said, “The synergy between North Carolina’s research parks, corporations, communities, and economic developers at the state and local levels is a major [...]
Our group recently received a loan commitment from Evanston Financial for just over $10M to cover the construction and long term financing for our 132-unit apartment development. Evanston, an affiliate of Oppenheimer, will package the loan as MAP lender for HUD under the 221(d)4 New Construction Program. The interest rate is currently at 6.0%, plus [...]
