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.
Lancaster Pollard
Register for our e-Newsletter
*
* Required
Home > News > Press Archive > 7-31-06 Cincinnati Refinance

Refinance provides for repairs, added parking at low-income senior residence
COLUMBUS, Ohio (July 31, 2006) – Judson Terrace in Cincinnati, Ohio, will add parking spaces and make a hefty contribution to a fund for future capital expenditures through a refinance provided today by Lancaster Pollard

The 40-unit Sec. 202 affordable senior living community was built in 1988. The $1.9 million refinance provides funds for repairs of more than $125,000. Judson Terrace will clean up the building’s exterior, add landscaping features, add parking spaces, modernize units and add features such as levered door handles to handicap-accessible apartments. A $42,139 deposit to a replacement reserve will provide for future capital expenditures.

Lancaster Pollard structured the refinance pursuant to federal underwriting criteria that made it easier for affordable senior living communities to refinance high-interest loans. Judson Terrace will save $24,683 yearly because of its new lower interest rate.

###