ATLANTA (Oct. 25, 2006) – Seniors at a third affordable housing property operated by Alabama Baptist Retirement Centers will see safety upgrades because of a refinance provided today by Lancaster Pollard.
The Hutto Tower, a 98-unit Section 202 community just north of the Florida panhandle, will make $172,057 in repairs to provide a safer community that will be better prepared for the hurricanes and tropical storms the region receives. The Hutto Tower’s $3.57 million refinance pays for a backup generator to power elevators in the five-story building, as well as a pager system to alert tenants of important information such as severe thunderstorm reports.
Future repairs will be funded through the property’s replacement reserve and a developer’s fee paid to the property to reimburse it for financing efforts.
The refinance is the third Alabama Baptist Retirement Centers has completed with mortgage banker Lancaster Pollard. In July, Eastview Retirement Center and Knollwood Retirement Center obtained a combined $3.5 million in loans that reduced debt service and financed major repairs and upgrades, including video surveillance systems and enclosed outdoor stairwells.
“Alabama Baptist Retirement Centers is saving a combined $70,000 in annual debt service among the three properties,” said Gerald M. Swiacki, senior vice president and southeast regional manager for Lancaster Pollard. “Refinancing Section 202 properties is an immensely effective way to raise capital.”
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