Mason Joseph Company, Inc., announced the closing of a $37,283,200 loan for the construction and permanent financing of Ariza Easton Park, a 320-unit market-rate apartment community at the Southeast Corner of Colton Bluff Springs and E. William Cannon Drive in Austin, Texas. The financing was secured through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Using the program enabled the borrower to secure a low-rate, non-recourse loan that is fixed for the initial 22-month construction period and a subsequent 40-year term. The apartment will offer 320-units spread over 11, three-story garden-style apartment buildings with Class A furnishings & amenities. The project is being developed by Cypressbrook Company, a privately held regional multifamily development and investment firms. Brownstone Construction will serve as the project’s general contractor and Cypressbrook Multifamily Management will serve as the management agent. 


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