PROJECT OVERVIEW
It is incredible when a thoughtful and proactive non-profit board accomplishes their goals. Canterbury Court is a 125 unit project with 75 Section 8 units located in Spokane, Washington. The outcome of a solution driven mindset led to a new 223(f) loan through Centennial Mortgage, Inc. The owner, with the help of their management company’s Director of Development, Shannon Meagher, and Centennial Mortgage, Inc., accomplished the following with proceeds from the loan:
- Revitalized the property by making necessary capital improvements
- Transferred ownership to an identify of interest profit-motivated entity
- Received cash out to further their mission of creating new affordable housing – without selling the property
- Fully funded the reserve for replacement account for 20 years
Centennial’s knowledgeable and experienced team assisted the owner and management agent throughout the transaction by ensuring the project’s rents were as high as possible and helping the owner/agent renew the HAP Contract with a 20-year MUTM contract. Centennial also facilitated a HAP Assignment to the new profit motivated ownership entity. Our collaborative approach supported the owner and management agent to accomplish their goals.
Contact us today to determine what we can accomplish for you!
- Project Name Canterbury Court
- Project Location Spokane, WA
- Loan Amount $8,079,400
- Originator Sunny Fitzgerald
