ATLANTA (May 18, 2006) – Two affordable senior housing communities affiliated with Presbyterian Homes and Housing Foundation of Florida will save thousands in interest payments while raising more than $500,000 to renovate 177 apartments. The loans were underwritten by Lancaster Pollard, a provider of financial advisory and capital funding services to health care and senior living organizations.
Lakeview Place in Lakeland and Manhattan Place in Tampa will be improved to provide cooler, more comfortable living spaces for the elderly tenants. Lakeview’s $4.1 million loan includes proceeds for new through-wall fans in each apartment, new kitchen cabinets and other upgrades. Manhattan Place’s $3.2 million transaction allows for enclosed and air conditioned hallways, replacement of kitchen cabinets and modernization of the elevators and fire systems. Besides upgrading their 20-year-old properties, both communities paid down high-interest rate debt and each locked in a rate of 5.95 percent for 35 years.
“The annual debt service savings - $82,000 for Lakeview and $55,000 for Manhattan Place – will be available to enhance services to tenants and supplement the increasing cost of operating these facilities,” said Gerald M. Swiacki, senior vice president and regional manager of Lancaster Pollard’s southeast office. “We’re working on similar transactions with 22 providers in Florida. As a Preferred Business Associate of the Florida Association of Homes for the Aging, we will continue applying our unparalleled experience to help repair, rehabilitate and, if necessary, reposition these facilities to ensure long-term viability.”
Lancaster Pollard structured the refinancings and underwrote the loans, which are insured by the Department of Housing and Urban Development and apply recent changes to HUD underwriting criteria. The firm is working on about 100 similar refinances nationwide.
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