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 > 7-20-06 Alabama 202 Refinance

Refinances fund shaded refuge, major exterior improvements for two properties
COLUMBUS, Ohio (July 20, 2006) – Seniors at two Alabama retirement centers will have new indoor-outdoor space to enjoy the summers and more secure apartments through a refinance provided today by Lancaster Pollard.

The refinances of Eastview Retirement Center in Montgomery and Knollwood Retirement Center in Roanoke, both managed by Alabama Baptist Retirement Centers, provide a combined $3.5 million in loans, reduce debt service and finance major repairs and upgrades, including video surveillance systems and enclosed outdoor stairwells. Both are 50-unit properties dedicated to low-income seniors.

“The thing that we’re most excited about is being able to get the siding replaced at Eastview and the carpeting replaced at Knollwood,” said Ken Schroeder, director of financial services for Alabama Baptist Retirement Centers. Additionally, he said, they will complete projects that would otherwise have remained on their wish list, including screening and shading patios at both properties for residents to enjoy the outdoors during Alabama summers.

“These communities will save $11,000 and $14,000 annually in debt service,” 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 to improve the affordable housing supply, and the interest rate environment really makes this an excellent option right now.”

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