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 > 6-21-06 202 Refinance Ocala

Refinance reduces interest payments, answers low-income seniors' upgrade requests
ATLANTA (June 21, 2006) – An Ocala, Fla., affordable senior housing community will be able to complete $800,000 in building exterior repairs, landscape work and resident-requested upgrades because of money made available through a $5.3 million refinance provided today by Lancaster Pollard.

The refinance of Trinity Villas, which has served low-income seniors for 24 years, saves the nonprofit community more than $100,000 in yearly interest payments and provides a $119,680 developer’s fee that can be used for future projects. One of the first major renovations will be to provide 116 walk-in showers for senior residents who requested them.

“We did a survey and asked the residents what they would like to see, and that was one of the things,” said Debbie Crawford, executive director. “Of course, if we could make it happen, that’s what we wanted to do, and with the terrific help of Lancaster Pollard, that was what we were able to do.”

Exterior work includes replacing keyed entries with a keyless system, sealing and painting exterior walls and doing roof work, extensive landscape work and replacement of the property’s fence.

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.

Trinity Villas is affiliated with the Catholic church and consists of Trinity Villas I and II, Sec. 202 low-income senior properties that together provide 162 Section 8-assisted units.

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