COLUMBUS, Ohio (Jan. 31, 2006) – Residents of two Indiana senior apartment communities soon will have renovated common areas, better parking areas and more efficient windows thanks to a federal program for the preservation of affordable senior housing.
Lakeview Village and Lakeview Place, subsidized housing properties for low-income seniors in the Indianapolis area, will use a total of $3.8 million in loan proceeds to refinance to reduce interest expense, extend the properties’ lives, improve resident comfort and bolster replacement reserves. Both are affiliated with Lakeview Manor, an Indianapolis skilled nursing center. Renovated common areas, new carpet, and a new vinyl siding exterior at Lakeview Village and a remodeled beauty shop, window replacement and common area improvements at Lakeview Place will modernize the communities.
Lancaster Pollard structured the refinancings and underwrote both loans, which are insured by the Department of Housing and Urban Development and fixed at low interest rates for 35 years (Lakeview Place) and 30 years (Lakeview Village). Lakeview Village, built in 1979, has 90 units, and Lakeview Place, built in 1987, has 50 units. Both were built using HUD Sec. 202 direct loans and were unable to refinance until HUD revised the program, which changed the way 202 property owners determine how much they can borrow to renovate or reposition their properties.
"Many subsidized senior communities nationwide are just starting to take advantage of this refinance program,” said Steve Kennedy, Lancaster Pollard vice president. “The residents will have more comfortable living space and safety upgrades, with no change in the affordable rents they enjoy.”
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