Centennial Mortgage is delighted to announce the successful closings of Canon Club and Sunrise Manor Apartments. These projects, located in the picturesque Rocky Mountains of Canon City and Buena Vista, Colorado, were financed through the HUD 223(f) program with loans totaling $4,637,900 and $4,023,800 respectively.
Both properties benefit from a 100% Section 8 Subsidy for elderly residents, ensuring continued affordability. The refinances include essential building upgrades such as elevators, unit kitchens, and bathrooms. These improvements, combined with the refinance, enabled our client to leverage the Mark Up To Market program, preserving these vital affordable housing communities.
Canon City, offers stunning natural surroundings, including the Arkansas River and rugged canyons, making it a paradise for outdoor enthusiasts. The city provides a comprehensive and relocation guide to help new residents settle in[1].
The neighboring Buena Vista, meaning “beautiful view” in Spanish, lives up to its name with panoramic views of the Collegiate Peaks and the Arkansas River. The town is renowned for its breathtaking landscapes and outdoor recreation opportunities.
We extend our gratitude to Cardinal Capital Management, Inc. for their trust in Mike McCoullough and the Centennial Mortgage underwriting team, Ceheira Johnson and Connor Danigelis, for their dedication in bringing these projects to fruition. We are proud to include these projects in our portfolio and remain committed to supporting affordable housing nationwide.
References
[1] Newcomer & Relocation Information | Canon City, CO
