|
|
|
Home > ... Federal Financing Updates > 6/29/06 202 Refi Culpepper
|
Refinance saves low-income senior living apartments $57,000 annually
|
|
|
ATLANTA (June 29, 2006) – An affordable senior living community in one of the most expensive cities in the nation will save substantial funds through a refinance provided today by Lancaster Pollard.
Culpepper Gardens II, a 63-unit Sec. 202 complex in Arlington, Va., will save $57,000 in debt service each year because it took advantage of still-low interest rates to refinance a $4 million loan. The nonprofit property is managed by Coordinated Services Management. This is the fifth time the property manager and Lancaster Pollard have worked together to improve Sec. 202 properties through refinancing.
Each transaction was made possible because of recent changes to the Department of Housing and Urban Development’s underwriting criteria. Lancaster Pollard is refinancing more than 100 HUD Sec. 202 affordable senior living properties nationwide.
Culpepper Gardens was built in 1992, the second phase of a three-phase senior living development in Arlington. The refinance also provided funds for critical repairs and parking lot improvements.
###
|
|
|
|
|
|
|
