Saturday, March 17, 2012

Downtown Pittsburgh Commercial to Apartment Conversion Using $39 Million FHA MF Urban Renewal Loan.

WSJ story HERE has details about office conversions happening in downtown Pittsburgh, with at least one higher end project using FHA Multifamily financing.

Digging into HUD databases revealed more loan details:
  • Project name is River Vue Apartments
  • Project used Section 220 Urban Renewal Program, 
  • Project name is River Vue Apartments (Facebook, check out some of views from top floors)
  • Project has 220 units,
  • Mortgage amount was $39,132,200,
  • 40 year interest rate was 4.65%
  • Project positioned at luxury, does not use LIHTC.

Originally created and posted on the Oregon Housing Blog.

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