Pickaway Terrace is a 60-unit apartment complex offering affordable housing to the elderly.
The objective of the loan was for the management company (Pickaway Metropolitan Housing Authority) to prepay a Rural Development 515 loan to acquire the property and receive additional capital to complete needed repairs and upgrades.
Centennial’s team, Brian Lorenz and Connor Danigelis were able to assist the client through HUD’s 223(f) program with a new loan totaling $2,632,500
Sunny Fitzgerald and Cindy Ross also assisted the client with renewing the HAP contract for 20 years with the Mark Up To Market process and assisted with the RD 515 prepayment.
The funds from the mortgage were able to cover $1,506,970 in level 2 renovations. These included adding new HVAC systems, doors, updated siding, and parking lot repairs. These repairs will allow the project to reduce its operating expenses, update the property, and continue to offer good affordable housing to the community.