PROJECT OVERVIEW
- Morgnec Village was originally completed under the HUD section 202 program that features 30 one-bedroom units for low-income seniors.
- In 2018, Centennial’s team, led by the underwriter Sheryldene Rogers was able to assist the owner, Upper Shore Aging Housing (a local non-profit), in refinancing the project under the 223(f) program with a new loan amount totaling $1,665,500.
- The refinance allowed the borrower to complete much needed renovations to extend the properties useful life and provide seniors with safe housing. In total, the refinance was able to provide $1,088,640 ($36,288/unit) to complete the renovations.
- The development consultant Gates Dunaway, of The Gates Dunaway Group, assisted the client with their Section 8 Mark Up to Market renewal, 202 prepayment and managed the construction team.
- Project Name Morgnec Village
- Project Location Chesterton, MD
- Loan Amount $1,665,500
- Originator Sunny Fitzgerald
- Year Built 1980
