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Eastern Mortgage Capital secured $21,548,000 in permanent financing for The Rousseau, an 84-unit apartment complex in Fresno at 9111 N Maple Ave, in August. The loan was made possible through the FHA 223(f) program, which provides a 35-year, fixed-rate, non-recourse financing.

“We were delighted to execute a cash out refinance for one of the region’s premier multifamily developers. We were also extremely pleased with HUD’s quick turnaround time in underwriting the loan.” said Peter Tousignant, vice president at Eastern Mortgage Capital.

The loan is fully non-recourse with no carve-outs, is assumable, and features a step-down prepayment structure without yield maintenance or defeasance, expiring after 10 years.

Eastern Mortgage Capital is based in Burlington, Mass, and is a direct nationwide MAP lender specializing in FHA-insured financing for multifamily, assisted living and skilled nursing properties. The company provides financing solutions for developers and operators across the country through its HUD-insured loan programs.