PROJECT OVERVIEW
- In 2018, Centennial refinanced the property for $6,200,000 under the 223(f) program.
- Noble Towers is a 9 story, 133-unit Senior apartment complex. The property serves to low income tenants, with a section 8 contract covering 132 units.
- The purpose of the loan was to pay off its existing debt, provide capital for the needed repairs $544,400 (4090/unit), and provide proceeds to the borrower.
- Concurrently with the loan, the project was also able to obtain a 20-year HAP renewal that will allow the project to continue serving low income tenants in the Pittsburg area.
- Project Name Noble Towers
- Project Location Pittsburgh, PA
- Loan Amount $6,200,000
- Originator Mike McCullough
- Year Built 1979
