$30.9 million in FHA-insured financing sets stage 212-unit Apex complex construction

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Rendering of the Flats at 540 from Cline Design Associates

Maryland-based RST Development LLC will soon begin constructing a 212-unit complex in Apex, after receiving approval for a $30.9 million construction financing package.

Greystone  and Co., Inc., arranged the FHA insured financing for The Flats at 540, formerly known as Beaver Creek at 540, across from a shopping centre on Creekside Landing Dr.

The loan applies HUD’s 2016 MAP Guide standards for a lower Mortgage Insurance Premium (MIP) threshold based on green and energy efficiency multifamily housing requirements, Greystone said in a news release.

To qualify for the Green and Energy Efficiency Housing MIP reduction, a real estate project must produce a Statement of Energy Design Intent (SEDI) score of 75 or higher. The Flats at Apex 540 produces a SEDI energy score of 82, Greystone says.

The Flats at Apex 540 will include three four-story buildings, as well as 457 surface parking spaces and 72 detached garage parking spaces. The community will also offer a clubhouse with adjacent pool; fitness and business centers; deck area with cabana and outdoor kitchen; car care facility; and dog park.

“Based on the market fundamentals of the region, the reputation of the developer and their extensive experience in HUD financing, this project was fast-tracked by the Atlanta HUD office for a straight-to-firm commitment submission instead of the typical two-stage process, meaning loan commitment is expedited by at least four months,” said Phiet Nguyen, deputy chief FHA underwriter and head of the 221d4 underwriting team at Greystone. “With this outcome spearheaded by Greystone, the borrower will realize an even faster timeline to project delivery,” he said.

Cline Design Associates developed the site concept and helped the owner through the municipal approvals process.

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