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FHA, HUD MAP and LEAN approved mortgage lender, Paragon Mortgage Corporation, announced just two days ago that it closed on a $18.6 million HUD 221(d)(4) loan, or a new construction loan, for Visiquest Properties’ 59 Evergreen Apartments. The loan is funded through the US Department of Housing and Urban Development’s 221(d)(4) Mortgage Insurance Program.
According to a press release, Visiquest Properties acquired the Glendale property in 2018 and proceeded to consolidate the existing vacant lots into a single lot. These lots are adjacent to 20 existing townhomes, which are included in the plat. Visiquest’s plans for the land “include remodeling the townhome exteriors and all the common areas to blend with the new project including a new pool, resident center, fencing, landscaping, pet park and monument signage.”
“Working with Joel and his Visiquest team has proven that dedication, perseverance and hard work pays off. Visiquest sees real estate differently and 59 Evergreen will be exceptional,” said Jim Swanson, President of Paragon Mortgage.
The buildings will be constructed to meet the National Green Building Standard and will have sound resistant party walls. In addition, 59 Evergreen Apartments will come with Smart Home technology, a coffee shop, bar, student union, and co-working meeting space, not to mention a yoga lawn by the pool, dog park, package lockers, bike storage room, and 200 parking spaces.