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.