← Back to FHA deals

ISLAND TERRACE APARTMENTS - UNIT 2

FHA New Construction & Substantial Rehab

Endorsed December 20, 2023

FHA #07135956

Deal Details

Location
CHICAGO, Illinois
Mortgage Amount
$5.3M
Units
59
Program
New Construction & Substantial Rehab
Lender
Merchants Capital Corp.
Fiscal Year
FY2024
LIHTC
Yes

Current Loan Status

Active
Outstanding Balance
$5.3M
Interest Rate
6.17%
Maturity
April 2065(39 years remaining)
Original Term
40 years
Holder
Merchants Capital Corp.
Servicer
Merchants Capital Corp.

Source: HUD BF90 Active Insured Mortgages · Data as of February 2026

Data Sources

Endorsement data: HUD FHA Multifamily Firm Commitments and Endorsements Database

Active loan data: HUD BF90 Active Insured Mortgages, as of February 2026

hud.gov multifamily data

Related Deals

Other FHA deals in CHICAGO, IL

ROCKPORT MORTGAGENew Const/Rehab
$37.1M
Greystone223(f) Purchase/Refi
$15.0M
ILLINOIS HDARisk Sharing
$13.3M
Merchants Capital Corp.223(f) Purchase/Refi
$2.8M
Merchants Capital Corp.223(f) Purchase/Refi
$3.1M

Other deals by Merchants Capital Corp.

HOLLAND, MI223(f) Purchase/Refi
$61.9M
EVANSTON, IL223(f) Purchase/Refi
$6.4M
North Grafton, MA223(f) Purchase/Refi
$9.2M
Defuniak Springs, FLNew Const/Rehab
$5.5M
SAN ANTONIO, TXNew Const/Rehab
$47.8M