PROJECT OVERVIEW
Village Green Apartments, located at 1003 Beaverwood Court, Rockingham, NC, is a seven-building, two-story garden-style walk-up apartment community built in 1983. The property comprises 48 units.
Each unit features central air, ranges, ovens, storage, and private patios. Community amenities include laundry rooms and a playground, enhancing the family-friendly environment.
The property operates as a 100% Section 8 HUD-subsidized community, serving low-income families in Richmond County. It is situated near the Pee Dee River and the National Wildlife Refuge, offering residents access to outdoor recreation in a peaceful, tight-knit community.
In a recent 223(f) transaction, Village Green Apartments was refinanced for $2,864,600. According to the lender, the refinance was structured to support capital improvements, including:
– Kitchen and bathroom upgrades
– Window replacements
– Sliding door replacements
The Underwriter, Connor Danigelis, noted, “This refinance enables the property owner to preserve affordable housing while enhancing the quality of life for residents. The improvements will modernize the units and extend the property’s useful life, aligning with HUD’s mission to support safe and sustainable housing.”
- Project Name Village Green
- Project Location Rockingham, NC
- Loan Amount $2,864,600
- Originator Phyllis Trento
- Year Built 1983
- Client VG Apartments LP
