With today’s many technological advances, modular construction is increasing in popularity for multifamily new construction projects. We recently secured a HUD-insured loan for an apartment community constructed using modular units, Carrino Plaza Apartments, in Newark, New Jersey. Carrino Plaza Apartments will offer 60 units and is one of the first modular projects to be approved under HUD’s 221(d)(4) program.
Take a look at our infographic for a breakdown of the pros and cons of using modular construction for your next new construction project. If you have any questions about financing a modular construction project using a HUD-insured loan, please contact one of our experienced originators.