Paragon Mortgage provides new $ 53.4 million condominium loan in Colorado Springs, Colorado



PHOENIX–() – Paragon Mortgage recently awarded a $ 53.4 million HUD 221 (d) (4) New Construction Loan for a 236-unit multi-family project in Colorado Springs, Colorado, in the entertainment district anchored by Broadmoor World Arena – a vibrant condominium real estate. market.

This HUD-insured financing provides for combined construction and a standing loan for multi-unit projects at market rates. A fully repayable non-recourse loan has a 40-year maturity at a rate of 85% of the loan value.

“Eldorado Springs Apartments will meet the need for a new apartment building in the growing – but underserved – area of ​​Southwest Colorado Springs,” said Kim Tainton, MAP vice president and senior underwriter at Paragon Mortgage Corporation.

Eldorado Springs, slated for construction in July 2021, is a 3-story pedestrian-style apartment complex that represents an ongoing commitment to building community-oriented properties conveniently located near shopping, dining and entertainment while maintaining an eco-friendly the design of the building is level in the foreground. Of the 236 apartments, 86 are one-bedroom, 140 two-bedroom and 10 three-bedroom. In addition, the complex has a gated entrance, clubhouse, heated pool and spa, 24-hour fitness center, business center, barbecue and relaxation areas, bicycle storage, 467 parking spaces and Wi-Fi in public areas.

Room amenities

The apartments will be well-appointed, with nine-foot vaulted ceilings, ceiling fans, individually adjustable heating and air conditioning, private balconies or patios, walk-in closets, bathtubs, granite or quartz countertops, and Energy Star appliances including frost-resistant appliances. -Free refrigerators with ice makers, self-cleaning ovens, dishwashers, microwaves, trash cans, and full-size washers and dryers in each unit.

About Paragon

Paragon Mortgage Corporation is an FHA, HUD MAP and LEAN approved mortgage lender with over 34 years of experience exclusively in HUD insured finance. Paragon Mortgage is headquartered in Phoenix, Arizona and is renowned for its highly skilled workforce representing decades of HUD / FHA loan creation, underwriting and processing. This experience, combined with Paragon’s longstanding reputation in the industry and relationships with the developer community, has resulted in the closure of over $ 3 billion in FHA insured loans. Paragon Mortgage specializes in FHA insurance loans for various types of projects – refinancing and acquisition financing at market rate, affordable multi-family services and healthcare.

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