Haveloch Commons

Centennial Mortgage Closes HaveLoch Commons — A Meaningful Preservation Win for Seniors in Southwestern Pennsylvania

Centennial Mortgage Inc (CMI) is proud to announce the successful closing of HaveLoch Commons, a 51-unit senior affordable housing community located in McDonald, Pennsylvania, in the heart of the Pittsburgh MSA. This transaction represents a significant milestone for the residents who call HaveLoch Commons home — and for the broader mission of preserving affordable housing for older adults.

The Deal

This transaction was structured as a RAD for PRAC Conversion with a 223(f) Expanded Work refinance, utilizing Second Component guidance under HUD Notice H-2019-09. Originally constructed in 1994 as a HUD 202/PRAC community, HaveLoch Commons will now operate under a new 20-year Project-Based Rental Assistance HAP contract that included a Budget Based Rent Increase and a Preservation Rent Increase securing long-term affordability for its residents.

The $3,690,000 FHA-insured loan will fund a comprehensive renovation of the property, including:

• Accessibility upgrades throughout common areas and residential units
• Replacement of HVAC systems and make-up air units
• Electrical and plumbing improvements
• Site enhancements including parking, sidewalks, and retaining wall work
• Interior updates to kitchens, bathrooms, and flooring across the community

With total repair costs of approximately $2.29 million, this transaction will bring needed physical improvements while keeping residents in place through a carefully phased temporary relocation plan.

Why This Deal Matters

HaveLoch Commons has maintained a waiting list over the last three years demonstrating a clear reflection of both the community’s value and the pressing need for quality affordable senior housing in Washington County. The RAD for PRAC conversion locks in affordability for decades to come and transitions the property to a stronger, more sustainable financing structure that directly improves quality of life for the residents. .

The Team

This transaction was a true team effort. On the CMI side, Sunny Fitzgerald | LinkedIn originated the deal, with underwriting led by Bill Arnold and processing support from Lexy Hall.

The broader development team included borrower McDonald Presbyterian Senior Housing, Inc. d/b/a HaveLoch Commons Apartments, a 501(c)(3) non-profit, with sole member Presbyterian SeniorCare — a Pittsburgh-area organization with nearly 100 years of service to older adults. Gates Kellett of The Gates Development Group Gates Kellett | LinkedIn guided the team through the RAD conversion and renovation process, LGA Partners served as architect, and Waller Construction served as general contractor.

Congratulations to all involved on a complex, meaningful transaction that will serve HaveLoch Commons residents for years to come. 🏠