Canyons Retirement - FHA Deal of the Month

Multi-Family - 111 units - Seniors Housing

Amarillo, Texas

221(d)(4) substantial rehab Tax Credit with Exchange Funds
40 year fully amortizing rehab and permanent loan

FHA Multifamily News

Deal of the Month

The Canyons Retirement Community

The Canyons Retirement Community, an affordable housing community for seniors in Amarillo, TX, contains 111-units and was financed under HUD’s 221(d)4 Substantial Rehabilitation Program by D. Ansley Company, Inc.  The HUD insured mortgage has an interest rate of 4.82 percent per annum and closed on October 28.  A $12.7 million makeover will bring updated mechanical systems and a refreshed interior to the historic hospital-turned-retirement community which was designed by renowned architect Guy Carlander and originally constructed in 1924.  Combined with the HUD insured mortgage were private, city, and TDHCA Exchange sources of financing. 

The “Straight to Firm Application” included an Exchange Fund closing deadline that emerged during the HUD review process in which the Fort Worth Production and Legal Team responded by issuing a Firm Commitment and closing the transaction in two weeks.  Sears Methodist Retirement System, a mission-driven non profit headquartered in Austin, TX, is the owner of The Canyons and had pursued rehabilitation financing for the community for over three years.