Financial Federal Bank Provides $29.4M HUD Construction Loan for Austin Apartment Project
Published on: June 11, 2019
Taylor Williams | REBusiness.com
Financial Federal Bank has provided $29.4 million in HUD construction and permanent financing for a 288-unit multifamily project in north Austin. Financial Federal Bank, in partnership with PGIM, originated the financing was secured under HUD’s 221(d)(4) program on behalf of an undisclosed borrower. The non-recourse loan carries a 40-year term and a fixed interest rate. Construction is expected to last two years.