HENDERSON, NV—Johnson Capital, a national real estate capital advisory firm, says Scott Graber, Senior Vice President in Johnson Capital’s Denver office, has arranged a $15.3 million refinance loan via FHA Section 223(a)(7) secured by a 170–unit apartment complex located in Henderson, NV named Desert Sky Apartments.
Located on South Las Vegas Boulevard, Desert Sky Apartments was built in 1997. The owner is a family business that owns several properties in the area. They originally purchased the property in 2008 and this will be the second FHA loan that they transacted with Mr. Graber.
The non-recourse FHA insured loan has a 32.3-year term and was funded by Hunton Hastings, Inc. a whole owned subsidiary of Johnson Capital. The funds were used to refinance an existing FHA insured 223(f) loan. The new debt is fully amortizing and carries a fixed interest rate for the entire term.
Commenting on the transaction, Mr. Graber said, “This new debt retired an existing loan with a higher interest rate and large prepayment to reduce debt service and improve project cash flows. The San Francisco FHA Multifamily field office along with its Office of Affordable Housing Preservation moved with great speed to issue a commitment to re-insure the new loan. The FHA turned a commitment around in less than 30 days allowing the borrowers to take advantage of a phenomenally low interest environment and reduce the interest note rate by 185 basis points.”