SCOTTSDALE, AZ, Feb. 5, 2025 – BWE, a national commercial and multifamily mortgage banking firm, has arranged a $26.6 million HUD 221(d)(4) loan to fund The Lofts at G Diamond Ranch, a 120-unit Class A apartment community in Casa Grande, Arizona.
Lilla Abegg-Swanson, Senior Vice President, and James Swanson, Executive Vice President, from BWE’s Scottsdale office, originated the financing through HUD’s 221(d)(4) mortgage insurance program. This non-recourse, fully assumable loan offers both construction and permanent financing with a 40-year amortization.
Andrew Edelstein, Senior FHA Underwriter, highlighted the program’s benefits, stating, “The 221(d)(4) program is unique in that it not only provides some of the highest leverage—now up to 87% loan-to-cost for market rate transactions—but it also serves as a combination construction and permanent loan, with the construction portion being interest-only before converting to a 40-year amortization period, which is longer than just about any alternative financing source.”
Property Details
The Lofts at G Diamond Ranch is part of the G-Diamond Ranch Planned Area Development (PAD) in northern Casa Grande. Positioned between Phoenix and Tucson, Casa Grande has seen substantial investment, making this project a valuable addition to the housing market.
The community will feature 20 two-story, garden-style buildings with a separate amenity center. Units—split evenly between two- and three-bedroom layouts—will be among the largest in the area.
Amenities include landscaped courtyards, a clubhouse with a fitness and children’s play center, and a resort-style pool and spa. Residences will be outfitted with stainless steel Energy Star appliances, granite countertops, in-unit washers and dryers, and shaded patios or balconies.
BWE’s FHA team also ensured the project qualifies for the "Green" reduced MIP by meeting Energy Star Multifamily standards.
About BWE
BWE is a national, full-service commercial and multifamily mortgage banking firm, delivering customized capital solutions with deep market expertise across its 40+ offices.
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