MIAMI—The multifamily refis are still flowing strong. Foxwood Apartments, an affordable multifamily community in Panama City, FL, just won a $4.8 million loan. Centerline Capital Group provided the FHA HUD 223(f) loan.

“Centerline completed the most recent refinance using the FHA 223(f) program under the Three Year Waiver Rule to provide permanent financing at an attractive fixed rate,” Jim Gillespie, managing director at Centerline, tells GlobeSt.com. “The proceeds from the FHA loan were used to retire the existing indebtedness and cover related transaction costs.”

Constructed in 1980, Foxwood Apartments was acquired in 2011 and renovated using proceeds from the sale of 9% Low Income Housing Tax Credits and conventional financing. The renovation—that totaled in excess of $35,000 per unit—was completed in June 2013.

“Having recently completed an extensive rehabilitation, the property is in very good condition,” Cindy Hannon, senior vice president at Centerline, tells GlobeSt.com. “The new loan structure will help preserve much needed affordable housing in the local community.”

Foxwood Apartments is a 100-unit affordable multifamily housing community with a long-term Section 8 HAP contract covering 100% of the units. The multifamily complex includes 13, two-story apartment buildings that house a total of 100 units, and a single-story community center. Foxwood Apartments is located about two miles northeast of Panama City and the economic outlook for the area is positive.

“The borrower is a repeat Centerline customer with extensive experience in affordable housing throughout the state of Florida and the affiliated property management company has solid local market knowledge and expertise as well,” says Gillespie. “The successful refinance of Foxwood Apartments as a quality affordable housing complex will serve its residents well into the future.”