Highland Commercial Mortgage, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $15.5 million loan for the acquisition and substantial rehabilitation of Garden District at Troy, a 150-unit affordable apartment community in Troy, Alabama.
Chief Deputy Underwriter, Sheri Cruise Davis secured the financing through the U.S. Department of Housing and Urban Development’s 221(d) (4) loan insurance program.
The program insures financing for up to 40 years for the new construction or substantial rehabilitation of multifamily rental or cooperative housing for moderate-income families, the elderly and the handicapped.
PROPERTY NAME: Garden District at Troy
PROPERTY ADDRESS: Birmingham, AL