PROJECT NAME: Country View Apartments
LOAN PROGRAM: 223(f)
LOAN AMOUNT: $2,266,900
PROJECT TYPE/SIZE: 50-Unit Affordable Subsidized Senior Apartments
Century refinanced Country View via HUD’s Section 223(f) program pursuant to HUD Notices 2002-16 and 2004-21 regarding the prepayment of HUD Section 202 loans. Country View is an existing 50-unit subsidized senior apartment project that was originally funded under a HUD Section 202 loan. The refinancing paid off the existing HUD Section 202 loan and provided significant funds for needed capital improvements at the same time producing significant debt service savings.