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  • Cash-out refinance of an existing loan
  • 68 residential units and one ground floor commercial space
  • Studio and one-bedroom floor plans
  • Residential units are age restricted to 62+ and are subsidized through a Housing Assistance Program (HAP) contract from Housing and Urban Development (HUD)
  • Cap-ex work planned during the loan term
  • Structured creative cap-ex reserve for repairs and to modernize the building elevator
  • HAP contract recently renewed for 20-year term ensuring income stability beyond the loan term
  • Experienced third-party management company with demonstrated success operating the property as subsidized housing
  • Non-recourse
  • 7-year term
  • 30-year amortization schedule