PROJECT OVERVIEW
Centennial Mortgage is delighted to announce the successful closing of Canon Club Apartments. Receiving financing of $4,637,900 through the HUD 223(f) program, the property is located in the picturesque Rocky Mountains of Canon City, Colorado.
The property benefits from a 100% Section 8 Subsidy for elderly residents. In addition to continued affordability, the refinance includes essential building upgrades including 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 relocation guide to help new residents settle in[1].
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 this project to fruition. We are proud to include the project in our portfolio and remain committed to supporting affordable housing nationwide.
References
- Project Name Canon Club
- Project Location Canon City, CO
- Loan Amount $4,637,900
- Originator Mike McCullough
- Year Built 1979
- Client Cardinal Capital Management, Inc.
