Centennial Mortgage, Inc. is proud to announce it has successfully financed the preservation and substantial rehabilitation of the Section 202 Senior Housing Project Tahoma Vista Village in Tacoma, WA with a 40 year, $10,975,000 Section 221(d)(4) Loan. The project includes a fixed interest rate of 3.8%, in conjunction with the Mark Up to Market Section 8 Preservation Initiative.
Christian Church Homes of Washington, a non-profit organization, has owned and operated the 101-unit Section 202 project for low income senior citizens in Tacoma, WA since its development in 1978. Although they had been approached to sell the property, the owner board wanted to continue their mission, so they opted to recapitalize. The financing allowed for nearly $60,000/unit in renovations including seismic upgrades, new fire suppression system, new elevators, new HVAC system and completely refurbished units and community center. In addition, the rehabilitation involves a significant temporary relocation plan requiring complex coordination and continual communication with the residents.
“The owner board retained the services of skilled consultants and professionals who worked together as a team anticipating pitfalls and maximizing opportunities,” said Sunny Fitzgerald, Vice President of Affordable Housing at Centennial Mortgage and the originator for Tahoma Vista Village. “By following the processes of the 221(d)(4) loan program in parallel with the Section 8 HAP Mark Up to Market renewal process, the team had a well-defined road map.”
“The dedicated team of professionals, including Julie Ellithorpe our owner’s representative, United Church Homes our Management Agent, Bluebrook Architecture, Walsh Construction Company, Centennial Mortgage, Contract Management Services and the HUD staff in Denver and San Francisco supported our mission.” said Mr. Roland Bautista, board president. “Our faith was well placed and as a result we are honored to continue our vision of serving our community and we are humbled by the trust our residents have placed in us to ensure the preservation of their homes.”
- Project Name Tahoma Vista Village
- Project Location Tacoma, WA
- Loan Amount $10,975,000
- Originator Sunny Fitzgerald
- Year Built 1978