Villa Grande at Sarasota is a 108-upscale age restricted community to be built in Sarasota, Florida. Using HUD’s Section 231 New Construction program, AGM obtained a HUD-insured mortgage of $21,559,700 with a 40-year term. The loan will be funded pursuant to HUD’s program for insured advances. The project is comprised of three five-story apartment buildings with a mix of one and two bedroom units and a 96 space parking garage. The community offers a clubhouse which will include a fitness room, arts and crafts room, game room, beauty salon, massage room, wellness room, and ample community space with fireplace and a kitchen with full appliances. The exterior of the clubhouse will include a heated pool, whirlpool, expansive sundeck and outside kitchen.
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FHA Proposals on New MIP Premiums and Eliminating Green MIP
Late yesterday, HUD announced important proposed changes in mortgage insurance premiums (MIP) for FHA-insured multifamily loans. In a notice to be published in the Federal
