CLOVIS, N.M. — Paragon Mortgage has secured a total of $18.8 million in refinancing for Raintree I and II, two apartment developments in Clovis.
The Phoenix-based firm arranged $11.2 million and $7.6 million in loans for the two properties through the U.S. Department of Housing and Urban Development’s 223(a)(7) mortgage insurance program. The HUD program provided the owners with a low-interest, 40-year, fully amortizing, non-recourse financing to restructure and lower the current debt service.
The properties offer a total of 256 market-rate apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a pool and spa, 24-hour fitness center, business center, garages, storage units, gas grills and in-unit washers/dryers.