COLUMBUS, Ohio (Aug. 24, 2006) – A refinance provided today by Lancaster Pollard combines two rural Virginia affordable senior living communities for the purpose of funding major repairs and reducing operating costs. This is the sixth project Lancaster Pollard and management company Coordinated Services Management have refinanced together.
The newly created Scott Hill Apartments in Clifton Forge, formerly Ridgeview at Scott Hill and Briarcliffe Apartments, combined to take advantage of Ridgeview’s borrowing ability and reposition Briarcliffe for future financial stability. The $5.98 million refinance provides $376,000 for repairs for the 140-unit property, including recarpeting certain areas, repairing the parking lot, and the replacement of the roof and some refrigerators and air conditioners. In addition, the new lower interest rate will save Scott Hill more than $117,000 in annual debt service.
“Refinancing affordable senior communities can provide not only interest savings, but crucial opportunities to improve services and restructure to prepare for the future,” said Gerald M. Swiacki, Lancaster Pollard senior vice president.
The refinance and renovations are especially critical to certain units that faced the possibility of future rent cuts. The property is now positioned to keep operating even if this revenue change occurs. HUD also granted a waiver to permit the continuation of a mandatory meal plan for those same units since the property serves seniors with significant care needs and Clifton Forge has no assisted living facility.
###
|
|
|
