The HUD Section 223(a)(7) loan has a 40-year term and amortization schedule, as per information from Greystone.
Built in 2011, the property is located at 728 Tapestry Park Loop near the central area of the city of Chesapeake, which is located just south of Norfolk, Va. and about 23 miles southwest of Virginia Beach, Va. The property is essentially next door to the Chesapeake Regional Medical Center campus and just a few blocks away from a variety of restaurants, retail and grocery outlets, as well as park and recreation spaces and local public and private schools.