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Home > ... Federal Financing Updates > 7/19/06 Ohio 202 Refinance
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Refinance pays for repairs to protect senior residents, building from weather
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COLUMBUS, Ohio (July 19, 2006) – A low-income senior apartment complex located in the northeast Ohio snow belt will protect its property and residents against winter storms and summer heat through a refinance provided today by Lancaster Pollard.
Secrest Village was created in 1986 by converting a building originally constructed in 1851 into 22 low-income senior apartments, with an additional 23 units provided in adjacent cottages. The property’s $1.8 million refinance reduces the property’s interest rate by 3.35 percentage points and provides $181,993 for repairs. Secrest Village also will renovate its kitchens with new cabinets and countertops, replace doors and make exterior repairs that will improve aesthetics and prevent deterioration. The refinance also pays for an emergency generator to protect residents against the power outages the area is vulnerable to during summer heat and winters snowstorms.
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