A repeat client of CMI decided to take the plunge and recapitalize and renovate their Section 202 PRAC via the RAD for PRAC conversion program. The RAD program allowed the conversion of the current subsidy to a stable 20 year PBRA Section 8 contract and the 223f loan funded repairs as well as ensured the next 20 years of capital needs.
Because this was a first for most everyone involved, it took an entire team of people working their way through the requirements of the FHA financing and RAD program. “We love taking on new challenges, and when we can do that for a returning client we feel extra motivated. The CMI team including Sheryldene Rogers, Julie Ellithorpe, Cindy Ross and Jennifer Heckaman were stellar,” said Sunny Fitzgerald, Vice President of Affordable Originations. “We also count ourselves very lucky to have worked with Mark Marbella and Mike Decina at Kantor Taylor who represented the borrower and the lender counsel team at Krooth and Altman.”
The teams at the Office of Recap, The FHA production staff and HUD Account Executive were also crucial for the success of the transaction. “It took trust and collaboration to get to this point”, said Sunny. CMI would also like to thank the management agent, United Church Homes for their efforts and especially the Board of Directors of Disciples Terrace for having the vision and stamina to preserve this important elderly housing.
- Project Name Disciples Terrace
- Project Location Tacoma, WA
- Loan Amount $2,250,000
- Originator Sunny Fitzgerald