St. Paul, MN (PRWEB) September 04, 2013
RICHMAC Funding LLC (“RICHMAC”) arranged the $23.8 million, 35 year term fully amortizing 223(f) HUD refinance of Prairie Home Apartments, a 284 unit affordable housing property located in the Vancouver, WA. The refinancing allowed the owner to substantially reduce the interest rate on the loan and improve property operations.
RICHMAC, a member of The Richman Group of Companies, a major national participant in the multifamily housing industry for over 30 years, is an approved Fannie Mae Affordable Housing Lender, FHA MAP and LEAN lender and Ginnie Mae seller servicer. Together with RICHMAC LIHTC Funds and RHR Funding LLC, RICHMAC has access to a suite of agency loan products and institutional capital to place loans for market rate and affordable multifamily properties and healthcare facilities.