PROJECT NAME: Villa Scalabrini Apartments
LOAN PROGRAM: 223(f)
LOAN AMOUNT: $3,894,800
PROJECT TYPE/SIZE: 120-Unit Affordable Subsidized Senior Apartments
Century refinanced Villa Scalabrini via HUD’s Section 223(f) program pursuant to HUD Notices 2002-16 and 2004-21 regarding the prepayment of HUD Section 202 loans. Villa Scalabrini is an existing 120-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.