Winchester Court I & II is an elderly housing complex located in an Opportunity Zone census tract which reduced the HUD application fee of this multi-million dollar loan. The development consists of six two-story apartment buildings with 78 units surrounded by gently sloped grass covered areas with large trees surrounding the Spokane, Washington site. The buildings’ owner and management agent Kiemle & Hagood are to be applauded for the condition of the interior and exterior of the property.
Centennial’s 223(f) loan proceeds allowed the ownership to cash-out their equity to achieve the benefit of low interest rates, and to further its goal of increasing affordable housing and supportive services in the community of Spokane, Washington. In addition, Centennial ensured the future needs of Winchester Court I & II will be met by sufficiently funding the property’s reserve account.
Centennial’s experienced team assisted the owner/agent throughout the contract termination and 20-year MUTM Contract Renewal process and guided them to assign the HAP Contract to an ownership entity that is eligible for distributions of surplus cash. Our collaborative approach supported the owner and agent at every twist and turn that occurred along the pathway to closing the loan.
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