Burlington, MA, November 25, 2024 – Eastern Mortgage Capital has provided $6,791,400 in permanent financing for Wade Flats, a 37-unit apartment complex located in Philadelphia, PA.

EMC Vice President Peter Tousignant noted that, “This financing is an excellent example of how the HUD 223f program excels at taking out construction financing on new multifamily projects, in addition to being a top choice for refinancing stabilized legacy apartment complexes. Despite today’s rate and credit environment, our low DSCR and longer amortization provided a cash out refinance when other lending programs would have required additional equity.” As with all Eastern Mortgage Capital loans, the financing package is fully non-recourse to the borrower with no carve-outs, is assumable, and includes a step-down prepayment (no yield maintenance or defeasance) that expires after 10 years.