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ISLAND TERRACE APARTMENTS - Unit 1

FHA New Construction & Substantial Rehab

Endorsed December 20, 2023

FHA #07135955

Deal Details

Location
CHICAGO, Illinois
Mortgage Amount
$17.2M
Units
180
Program
New Construction & Substantial Rehab
Lender
Merchants Capital Corp.
Fiscal Year
FY2024
LIHTC
Yes
Tax-Exempt
Yes

Current Loan Status

Active
Outstanding Balance
$17.2M
Interest Rate
6.17%
Maturity
February 2066(40 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

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