PROJECT OVERVIEW
Strasburg, Ohio is a small, family-friendly community known for its peaceful atmosphere, strong community ties, and quiet streets, all contributing to its small-town charm.
The Franklin Terrace senior housing community is no exception and features 13 one-story apartment buildings and a community building with a leasing office. Originally built in 1979, Franklin Terrace continues its mission of providing safe, affordable housing for the elderly in this peaceful midwestern community.
The Arbors Management, Inc. property includes a total of 76 units that are supported by a Section 8 HAP contract, with 3 market-rate units completing the mix.
Located in a peaceful neighborhood with excellent access to local amenities, Franklin Terrace is just minutes from schools, a grocery store, and a bank, and offers convenient connectivity to Interstate 77.
Chad Nykiel, CMI Underwriter, commented “We’re proud to support the Franklin Terrace project, which reflects our commitment to strengthening communities through quality affordable housing. This closing marks a meaningful step forward in preserving housing for seniors in Strasburg.”
👏 Congratulations to all involved in bringing this impactful project to life!
- Project Name Franklin Terrace
- Project Location Strasburg, OH
- Loan Amount $5,809,300
- Originator Mike McCullough
- Year Built 1979
- Client Cardinal Capital Management, Inc.
