search

The Real Deal Logo

Trending

Glossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouseBrookfield’s deal to sell 777 Tower in Downtown LA collapsesBrookfield’s deal to sell 777 Tower in Downtown LA collapsesSwig finds new bottom with DTLA office sale at $94 a sfSwig finds new bottom with DTLA office sale at $94 a sfHousing deal finally passes; here are the detailsHousing deal finally passes; here are the details
Residential
South Florida

FHA-backed $31M loan will finance expansion of Bradenton rental complex

M&T Realty Capital Corp. closed the $31.1 million loan on behalf of Ohio-based Cedarwood Development Inc.

Blue Heron apartment community in Bradenton (Credit: ApartmentList.com)
Blue Heron apartment community in Bradenton (Credit: ApartmentList.com)

The developer of an apartment complex in Bradenton will finance its expansion with a $31.1 million construction loan insured by the Federal Housing Authority (FHA).

The loan will finance construction of the 192-unit second phase of the Blue Heron apartment complex.

Sign Up for the undefined Newsletter

M&T Realty Capital Corp. closed the $31.1 million loan on behalf of Akron, Ohio-based Cedarwood Development Inc., the developer of Blue Heron.

The additional 192 market-rate apartments will include one-, two- and three-bedroom units with open floor plans, kitchens finished with granite countertops, and screened balconies or patios.

The construction loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 221(d)(4) program. – Mike Seemuth

Tags
BradentonFederal Housing AdministrationReal Estate And Finance