Lancaster Pollard helps health care, senior living, affordable housing and private education organizations expand and improve their services by providing financial advice and financing solutions. Lancaster Pollard’s services enable hospitals, assisted living facilities, nursing homes, rural housing properties and private schools to develop the financial plans and secure the funding necessary to continue to serve their communities and lets them focus on what’s truly important –their residents, their patients, and their students.
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Home > News > Press Archive > 03-14-06 csm 202 refinances

Three Low-Income Senior Communities Refinance to Improve Safety, Comfort
ATLANTA (March 14, 2006) – Three affordable senior housing facilities in Virginia refinanced government loans this week to lower their mortgage payments and raise funds for renovations to improve energy efficiency, increase security and modernize individual units.

The refinances of Edinburgh Greens and Square, Seton Manor and Marywood are part of an ongoing effort by Coordinated Services Management to improve seven Sec. 202 affordable senior living properties. The complexes in Roanoke, Hampton and Richmond are now better positioned to meet the continuing needs of their tenants.

The three financings total just under $14 million and provide nearly $1 million for repairs and future renovations affecting 360 apartments. Seton Manor and Marywood both will replace emergency alert systems and update kitchens and bathrooms. Seton Manor also will weatherproof its exterior and install a new digital security system, while Edinburgh will fund a $400,000 deposit to its replacement reserve for future projects.
To provide additional financial stability, Lancaster Pollard created repair escrows for each property using savings realized from the reduced interest rates. Edinburgh, Marywood and Seton Manor will save approximately $77,000, $47,000 and $75,000 in interest cost yearly.

“Many affordable senior living properties face the challenge of maintaining the safety and comfort of their residents while operating under tight budgets,” said Gerald M. Swiacki, senior vice president and southeast regional manager of Lancaster Pollard. “The interest savings and replacement reserve deposits realized in these refinances create opportunities to upgrade without affecting the tenants’ affordable rents.”

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