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 > 1-31-06 Low Income Expansion

Refinance Creates Expanded Living Space for Low-income Virginia Seniors

ATLANTA (Jan. 31, 2006) – Residents of a subsidized senior apartment community in Virginia will have more space to call home after 23 efficiency apartments are converted to one-bedroom units. The conversion and several other safety and comfort upgrades are being funded through a federal program for the preservation of affordable senior housing.

McGurk House in Lynchburg will use $3.7 million in loan proceeds to retrofit its apartment units, refinance at a lower interest rate, reinforce building systems and improve energy efficiency as well as marketability. Included in the upgrades will be sprinkler system installation, new common area carpeting, new air conditioning, new paint and landscaping.

McGurk House is managed by Coordinated Services Management. The expanded space offers residents additional opportunities to have familiar items around them and a more comfortable setting, Marketing Director Deborah Wesolowski said, adding that many affordable senior housing residents are veterans.
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. McGurk House’s 88 units were built in 1985 using a HUD Sec. 202 direct loan. It was unable to refinance until HUD revised the program, which changed the way 202 owners determine how much they can borrow to renovate or reposition their properties.

"McGurk House is one of many organizations nationwide just starting to take advantage of this refinance program,” said Gerald Swiacki, Lancaster Pollard senior vice president and southeast regional manager. “Its residents will have more comfortable living space and safety upgrades, with no change in the affordable rents they enjoy.”

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