Cedar Portfolio

Cedar Portfolio Secures $27.4M FHA 221(d)(4) Financing and Completes RAD for PRAC Conversion

We’re proud to announce the successful closing of a $27,400,600 FHA-insured 221(d)(4) loan for the Cedar Portfolio in Vancouver, Washington — a transformative project preserving 164 units of affordable housing across three formerly Section 202 properties: Forest Ridge, Highland Park, and Walnut Grove.

This milestone was made possible through the collaborative efforts of The Mission Mavens (Sunny Fitzgerald and Cindy Ross) and the underwriting team of Bill Arnold and Lexy Hall at Centennial Mortgage, Inc. (CMI).

In late 2022, the non-profit owner and management agent of the properties made a forward-thinking decision to pursue a RAD for PRAC conversion, ensuring long-term affordability and sustainability. The result: a single “many-to-one” HUD loan and a new Project-Based Rental Assistance (PBRA) HAP Contract that will preserve housing for elderly residents for decades to come.

Executing a transaction of this complexity required patience, coordination, and perseverance. We extend our sincere thanks to the thoughtful expertise of the HUD staff in the West Region and the RAD team at the Office of Recap. In addition, we thank the outstanding dedication of the teams at:

• • Vancouver Housing Authority
  • CIDA  Architecture
  • TEAM Construction
  • DDV Relocation Consulting Services
  • Kantor Taylor and Miles & Stockbridge

Over the next 18–22 months, Cedar Portfolio will undergo substantial renovations, including:

• • New roofs, windows, and doors
  • Self-contained HVAC systems in each unit
  • Accessibility and parking upgrades
  • Reimagined common areas with modern finishes
  • Various site and building improvements

Upon completion, elderly residents will enjoy modern, comfortable homes with supportive services that allow them to age in place with grace.

Congratulations to everyone involved in making this vision a reality!