Normal Hill was constructed in 1983 under the HUD 202 program that features 22 one-bedroom units for low-income seniors.
In 2018, Centennial ‘s team lead by underwriter Sheryldene Rogers, assisted the client Central Terrace Inc (a local non-profit) in refinancing the project under the 223(f) program with a new loan totaling $882,700. In addition, Sunny Fitzgerald and Cindy Ross assisted the client by renewing the HAP contract for 20 years.
The project’s development consultant was Shannon Meagher of Kiemle Hagood.
The refinance allowed the project to receive much needed capital ($300,307 ($13,650/unit)) to renovate and repair the property. In addition, it allowed the project to adequately fund its replacement reserve to ensure this property continues to serve this client base for many years to come.