🏡 Tri-Cities Senior Apartments Secures $15,697,900 FHA 221(d)(4) Financing and Completes RAD for PRAC Conversion
We’re honored to announce the successful closing of a $15,697,900 FHA-insured 221(d)(4) loan for Tri-Cities Senior Apartments in the Tri-Cities area of Washington — a transformative project preserving 145 units of affordable senior housing across three formerly HUD 202/PRAC communities: Tri-Cities Terrace I, Tri-Cities Terrace II, and Edison Terrace West.
This milestone was made possible through the dedicated originations and underwriting team at Centennial Mortgage, Inc. (CMI).
Originators, Sunny Fitzgerald and Cindy Ross assisted the non-profit owner in completing a RAD for PRAC conversion to secure long-term affordability for its residents . The result: a single “many-to-one” 20-year Project-Based Rental Assistance (PBRA) HAP Contract that will preserve housing for elderly residents for decades to come.
Bill Arnold and Lexy Hall prepared the FHA 221d4 loan application that is funding all of the required repairs and relocation and transaction costs.
Transactions of this complexity — combining three scattered sites across Richland and Kennewick, coordinating a RAD conversion, and executing a substantial rehabilitation — require patience, collaboration, and deep expertise. We extend our sincere thanks to the HUD staff in the West Region and the RAD team at the Office of Recap.
We also thank the outstanding teams at:
🔸S&J Consulting LLC — development consultant
🔸Goodale & Barbieri — management agent and BBRI process support
🔸T.W. Clark Construction, LLC — general contractor
🔸ZBA Architecture — project architect
🔸Alliance Pacific, Inc. — resident relocation consultant
🔸EBI Consulting — Environmental and PCNA/AEC consulting
🔸Kantor Taylor — borrower counsel
🔸Miles Stockbridge — lender counsel
Over the coming months, Tri-Cities Senior Apartments will undergo substantial rehabilitation, including:
🔸Roof, window, door, and flooring upgrades across all three buildings
🔸Kitchen and bathroom renovations
🔸Common area and site improvements
🔸Accessibility Upgrades
Upon completion, elderly residents of the Tri-Cities community will enjoy modernized, comfortable homes that allow them to age in place with dignity and stability.
Congratulations to everyone involved in making this vision a reality.