PROJECT OVERVIEW
- Dryden Terrance is a low-income elderly housing apartment complex featuring 101 units, 100 of them being under a section 8 contract. The property was originally built in 1980 and renovated in two phases (2012, and 2017).
- In 2018, Centennial assisted the borrower in refinancing the project under the 223(f) program for $5,104,000.
- The refinance allowed the client to payoff the existing loan, complete the outstanding repairs, and refresh the replacement reserve account to extend the useful life of the project and allow it to continue providing affordable housing to the community.
- Project Name Dryden Terrace
- Project Location Madison, WI
- Loan Amount $5,104,000
- Originator Terrance Watkins
- Year Built 1980
