In a tenants-in-common structuring, Robert and Wanda Barnwall of Victoria bought Wyndsor Court at 301 S. Jupiter Rd. in Allen about a year before the suburban apartment market started to decline due to readily available capital, low interest rates and entry-level prices for new homes. The New York City-based PW Funding Inc., a subsidiary of CharterMac, replaced FHA funding from the 221 (d)(4) program with HUD's 223(a)(7) program, using the Fort Worth office to package a 40-year loan with a 40-year amortization at a 5.85% fixed-rate interest.
"The property was bleeding red," William E. Cave, PW Funding's director in Dallas, tells GlobeSt.com. "He needed to reduce the debt payment and his interest rate." The 2% interest rate deduction put debt service at 0.89x. He says the HUD loan completely absorbed the 4% prepayment penalty from an FHA package with a $13-million balance.
The 18-building Wyndsor Court was built in 1996 on a 15.3-acre tract in a suburb in the path of development from Dallas' steady push north. The two-story buildings are a mix of one-, two and three-bedroom units with monthly rents ranging from $495 to $1,045. Units range from 674 sf to 1,309 sf.
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