PEARLAND – Funding Incorporated has closed on a $41.9 million construction and permanent mortgage through FHA's 221(d)(4) program for a 247-unit multifamily community.
Lake Park Townhome Apartments will be built on 30 acres at 1555 Cullen Blvd.
The loan amount is for 80 percent of the project's total development cost.
Construction will begin immediately and be completed by spring 2018.
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