The loan was placed for a 10-year-term with 30-year amortization with a major commercial bank. The conventional refinancing was arranged under recent HUD regulations allowing Section 236 decoupling, which enables the owner to retain the original HUD interest rate reduction payment. The proceeds were used to refinance taxable housing agency bonds issued to build the project.
Harold D. Baker & Co. specializes in arranging real estate financing packages, including permanent mortgages, acquisition loans, mezzanine financing and construction loans.
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