Paragon Mortgage provides $ 53 million loan for Colorado project

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Law360 (Jul 27, 2021, 7:39 pm ET) – Paragon Mortgage has provided $ 53.4 million in Housing and Urban Development funding for a multi-family project in Colorado, according to an announcement Tuesday from a Phoenix-based lender.

Paragon Mortgage Corp. said it had provided a HUD-insured loan for a 236-apartment project known as Eldorado Springs Apartments. The Colorado Springs, Colorado project is located in an entertainment district built around the Broadmoor World Arena with approximately 8,000 seats, and the loan is non-refundable and is for 40 years.

Paragon did not disclose the name of the borrower.

“Eldorado Springs Apartments will meet the need for a new block of flats in the growing – but underserved – area of ​​the Southwest …

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