Cathedral Plaza was coupled with 4% tax credits and tax exempt bonds for the acquisition and renovation of a 150 Unit complex for very-low income seniors.
The 223(f) Loan of $8,250,000, Underwritten by Sheryldene Rogers, was able to provide the borrower Catholic Charities of Spokane with $4,926,399 ($32,843/unit) in non-critical repairs funds to renovate the project. These funds coupled with the 4% tax credits allows Cathedral Plaza to be updated and continue offering quality housing for the elderly.
Part of the existing project was covered by two separate HAP contracts covering a total of 59 units. Sunny Fitzgerald and Cindy Ross were able to assist the client combine and renew the HAP contract 20 years with Mark Up to Market rents. In addition, Sunny and Cindy coordinated an additional 32 units of Section 8 subsidy with Section 8bb Transfer program.