|
|
|
Home > ... Federal Financing Updates > 9-19-06 Kentucky 202 Refinance
|
Affordable Senior Living Communities Combine to Improve Safety, Amenities
|
|
|
COLUMBUS, Ohio (Sept. 19, 2006) – Two apartment communities serving low-income Kentucky seniors will literally join to improve amenities and upgrade safety features, financing the expansion with a $5.67 million refinance provided by Lancaster Pollard.
Redbanks Towers and Redbanks Apartments in Henderson will connect their properties with a community area and laundry facility. The new facility means elderly residents will not have to walk outside during icy Kentucky winters to do laundry.
“This had been on the burner for the last two years. We just didn’t have the funding to do it,” Administrator Sharon Combs said. “Everything now will be a reality soon. We have some happy people here.”
The apartments offer a total of 126 affordable units. The refinance of the HUD Section 202 properties also provides for a new fire alarm system, window replacements in most units, roof repairs, and a developer’s fee of nearly $104,000 paid to the complex for use in future projects. An initial deposit of $573,764 to a replacement reserve and annual debt service savings of more than $47,000 will contribute to long-term financial sustainability and fund future preservation efforts.
Lancaster Pollard has completed dozens of similar transactions since HUD revised its underwriting criteria in 2004 to make refinancing Section 202 properties a viable option for affordable senior housing preservation.
###
|
|
|
|
|
|
|
