|
|
|
 |
|
Home >
News > Press Archive > 11-20-06 Pennsylvania 202 Refi
|
Low-income housing refinance funds repairs, pays management company fees
|
|
|
COLUMBUS, Ohio (Nov. 20, 2006) – A $4.89 million refinance completed today by Lancaster Pollard will provide for new stoves, a new roof and other repairs at a Pennsylvania apartment complex while improving cash flow for the future. The transaction provides Gloria Dei Plaza more than $497,000 for repairs.
“We were surprised that there was that much that we could get,” said Vince Dattilo, Controller of Gloria Dei. He added that the refinance also improved cash flow: Gloria Dei was able to pay its management company a year of owed fees at closing. The nonprofit 111-unit community will save $41,000 in debt service.
“Refinancing enabled Gloria Dei to catch up on both facility improvements and financial obligations to its management company,” said Ken Gould, vice president of Lancaster Pollard. “Operations will improve, residents will benefit, and the management company will have a financially stronger client – all this without impacting residents’ low rents.”
Residents, Dattilo said, are excited that they will receive new stoves, refrigerators, and bathroom upgrades. Common areas will be recarpeted and will receive new lighting. The property also will be able to replace a roof and upgrade its fire panel to improve building safety.
The refinance is one of dozens of similar transactions being completed by Lancaster Pollard, which, according to fiscal year 2006 HUD data , refinanced more Section 202 affordable senior housing dollar volume than any firm in the country.
###
|
|
|
|
|
|
|
|
|
|
|
|
|
