Homeport
Affordable senior housing, community, and resident services in Columbus, Ohio.
Impact
- $560,000 permanent loan
- 48 total units
- 5 units for <35% AMI
- 5 units for <40% AMI
- 21 units for <50% AMI
- 17 units for <60% AMI
Challenge
LIHTC property for low-income seniors was approaching year 15 with a maturing permanent loan at 7.39%.
Solution
NeighborWorks Capital refinanced the loan at a more favorable interest rate that reduced the annual debt service by $14K and improved the cash flow and viability of the property.
