COLUMBUS, Ohio (Jan. 31, 2007) – Senior residents of an Illinois affordable housing community will soon have easier access to help in an emergency. Safety and aesthetic upgrades to the 106-unit Brementowne Manor are being funded through a $5.5 million refinance provided by Lancaster Pollard.
The transaction offers $640,000 for immediate repairs and an additional deposit of $834,140 to a reserve for future repairs. The 24-year-old Section 202 property also received a $97,397 developer’s fee that can be used for future projects.
Brementowne Manor is affiliated with Mennonite Housing Aid. It plans to replace its emergency pull-cord system with an electronic model that can send a signal for help from anywhere in the apartments.
“I think the main thing, from a safety standpoint for right now, is the [existing] system only works if they fall down and have a medical emergency at two specific locations in the apartment where they can reach those cords,” site manager James Durnbaugh said. Additional projects include adding a storage garage, replacing all original stoves, new air conditioning/heater combinations for each unit, exterior maintenance and 60 new refrigerators.
The refinance reduces Brementowne Manor’s annual debt service by $33,389. It is one of dozens of similar transactions 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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