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Home > ... Federal Financing Updates > 7-31-06 Cincinnati Refinance
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Refinance provides for repairs, added parking at low-income senior residence
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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.
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