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Home > ... Federal Financing Updates > 11-17-16 Texas 202 Refinance
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Duct-taped carpet replaced, new community center funded through refinance
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COLUMBUS, Ohio (Nov. 17, 2006) – Four low-income properties managed by Methodist Retirement Communities will become more comfortable homes for their senior residents through refinances provided over the past month by Lancaster Pollard
The 25-year-old Section 202 properties located outside Houston, Texas, accessed a total of $1.44 million in repair money to renovate kitchens, replace carpets and make other major renovations. The total dollar amount refinanced among Crestview Terrace, Crestview Place, Parkview Terrace and Happy Harbor Senior Home was $9.74 million.
“We’re all excited about new furniture and not raggedy stuff in our front lobbies,” said Narda Holland, director of affordable housing for MRC. “It’s a well-needed facelift.” Most of the units at the four properties will receive new drapes, refrigerators and other upgrades. Residents at Happy Harbor, acquired by MRC five years ago, will receive new carpeting to replace the duct-taped residue of the previous owner. “I think that when they see it ripped out, they’re just not going to believe it. Twenty years of the same musty old carpet – it’s just got to go.” Additionally, Holland said, the reduced interest rate will lower Crestview Terrace’s debt service by more than $67,000 annually, so much that the property will be able to build a community center to offer additional programming for its residents.
The four refinances were provided by Lancaster Pollard, an investment banking and mortgage banking firm that specializes in affordable housing and senior living finance. The firm has completed dozens of similar transactions and, according to fiscal year 2006 HUD data, has refinanced more Section 202 affordable senior housing dollar volume than any firm in the country.
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