Encore Multi-Family has secured finance for the two development projects in Texarkana and Temple, through the Department of Housing and Development 221(d)(4) program of the United States.
Encore Multi-Family coordinated with Berkadia, an approved HUD lender for the loan. Once the loan was closed, BBL Builders was commissioned to begin construction on the two development projects in Texas. In 2011, four projects have been begun or completed by Encore.
The Chief Executive Officer and President of Encore Enterprises, Patrick J Barber stated that the Encore Multi-Family is research-driven and aims at building well executed apartment developments located in the Southwest. Barber also announced that Denver will have its first Encore apartment development later this year.
The President of Encore Multi-Family, Brad Miller expressed his appreciation for the Department of Housing and Development by stating that the cooperation received by the department and the coordination with lender Berkadia was crucial to Encore Multi-Family in the execution of strategies to build Class A apartment communities in Temple and Texarkana. The developments will be ready for handing over by early 2012.
Source: http://www.encore.bz/