COLUMBUS, Ohio (Dec. 7, 2006) – Two low-income apartment communities for seniors will make immediate repairs and boost their reserves for future repairs through refinances provided today by Lancaster Pollard.
Deerfield Commons and Springboro Commons are 80- and 40-unit communities located in southwest Ohio. Like many properties developed under the Department of Housing and Urban Development’s Section 202 direct loan program, they had limited ability to afford major upgrades to their aging properties.
Deerfield’s $2.9 million refinance and Springboro’s $1.3 million refinance reduce the properties’ annual interest payments by $46,000 and $48,000, respectively, and provide a total of $391,196 for immediate repairs. Deerfield will install an automatic door opener, repair concrete drives, replace roofs and sinks as needed, and improve handicap accessibility. Springboro, too, will improve handicap accessibility. It also will repave its parking lot and replace exterior lighting.
An additional $313,876 will be deposited to Deerfield’s reserve for future repairs, and Springboro’s reserve will receive an injection of $226,157. Both properties are owned by Warren County Community Services, the largest and most comprehensive nonprofit provider of social services in Warren County.
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.
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