PROJECT OVERVIEW
- Liberty Park was constructed in 1971 to provide 48 units of subsidized housing to Spokane families. The complex totals 5 three-story buildings that hold 2- and 3-bedroom units.
- In 2019, Centennial‘s team lead by underwriter Sheryldene Rogers assisted the client. Proclaim Liberty (a local non-profit) in refinancing the project under the 223(f) program with a mortgage totaling $4,410,000. Concurrently, Sunny Fitzgerald and Cindy Ross were able to assist the client with the 20-year Mark up to Market renewal of their existing HAP contract. This contract’s renewal was issued simultaneously with the closing.
- The client’s objective in refinancing the project was to complete tier 2 renovations so that the project could continue to offer quality housing to very-low-income families. The refinance was able to provide the client with $1,929,984 ($40,208/unit) in capital to complete the needed renovations. Among the renovations were new floors, kitchens, window sills/aprons/trim, electrical fixtures, and bathrooms. These repairs will allow the project to continue offering quality affordable housing to its community.
- The development consultant for the project was Shannon Meagher of Kiemle Hagood.
- Project Name Liberty Park Apartments
- Project Location Spokane, WA
- Loan Amount $4,410,000
- Originator Sunny Fitzgerald
- Year Built 1971
