COLUMBUS, Ohio (May 17, 2006) – A continuing care retirement community in Pennsylvania has accessed substantial funds for capital improvements and will save thousands in interest payments with a $3.4 million refinance provided today by Lancaster Pollard.

Village Garden Apartments in Lititz is the affordable housing component of The Brethren Village Retirement Community, a 100-acre development with apartments, cottages and an assisted living facility. The campus was built as a self-contained community with stores, a library and other amenities. Today’s refinance of Village Garden’s 60 affordable housing units provides $214,000 for new carpets and flooring, roof repairs, new hot water heaters and extensive building maintenance and repairs. It also provides a $206,000 deposit to a replacement reserve account for future maintenance and a $32,000 developer’s fee to Brethren Services.

Lancaster Pollard structured the refinancing and underwrote the loan, which is insured by the Department of Housing and Urban Development and fixed at a low interest rate for 35 years. The investment banking and mortgage banking firm is working with more than 100 affordable senior living properties to refinance under recent changes to the Department of Housing and Urban Development’s underwriting criteria; the is the first such refinance for the Philadelphia HUD office.

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