TRI Arranges $1.4 Million Loan to Refinance Georgia Apartment Community

Business Wire, August 27, 1997

SAN FRANCISCO--(BUSINESS WIRE)--Aug. 27, 1997--Thanks to an FHA refinance loan arranged by TRI Financial Corp., the owner of an apartment development in Georgia has lowered his interest rate nearly two full points.

The FHA 223(a)7, 35-year loan for $1,437,000 was granted to the owner, Cambridge Square Realty Associates, to refinance the Cambridge Square Apartments. The refinance allowed the owner to reduce the project's interest rate from 10 percent to 8.125 percent, thereby considerably reducing monthly debt service costs.

Located in Savannah, Ga., the 21-year-old complex features 80 two-bedroom townhouse units.

"Since Cambridge Square's original loan was funded by FHA, this project was ideally suited for the FHA 223(a)7 loan product, which is designated for refinances of HUD loans," said Michael Sapuppo, a vice president at TRI and the originator for the Cambridge Square loan. "The TRI team was pleased to be given the opportunity to help reduce the monthly expenses on this property," he added.

TRI Financial Corporation provides mortgage loans for market rate and affordable multifamily and senior housing. Headquartered in San Francisco, the company helps owners and developers of apartment and senior properties with all aspects of financing, including new construction loans, refinances, loan servicing and regulatory requirements. To date, TRI has financed over $1.5 billion in FHA multifamily loans for approximately 49,500 units.

More information about TRI may be obtained by calling 800/481-4874 or by visiting the company's web site at www.trifinancial.com .

CONTACT: TRI Financial Corp., San Francisco

Jim Reid, 415/268-2602

Michael Sapuppo, 415/268-2610