$27.4 million in updates set for Cedar Portfolio thanks to Team The Mission Mavens of Centennial
Cedar Portfolio
Cedar Portfolio Secures $27.4M FHA 221(d)(4) Financing and Completes RAD for PRAC Conversion
We’re excited to share 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 affordable housing units across three formerly Section 202 properties: Forest Ridge, Highland Park, and Walnut Grove.
Led by The Mission Mavens (Sunny Fitzgerald and Cindy Ross) and the underwriting team of Bill Arnold and Lexy Hall at Centennial Mortgage, Inc. (CMI), this complex “many-to-one” HUD loan and RAD for PRAC conversion ensures long-term affordability through a new Project-Based Rental Assistance (PBRA) HAP Contract.
The project was made possible through the collaboration of Vancouver Housing Authority, CIDA Architecture, TEAM Construction, DDV Relocation Consulting Services, legal teams at Kantor Taylor and Miles & Stockbridge, and the dedicated HUD staff in the West Region and Office of Recap.
Over the next 18–22 months, Cedar Portfolio will undergo substantial renovations including new roofs, HVAC systems, accessibility upgrades, and modernized common areas. These improvements will provide elderly residents with safe, comfortable homes and supportive services that allow them to age in place with dignity.
Congratulations to everyone who made this vision a reality!
