RED Mortgage Capital has announced the origination of an FHA 223(f) loan for National Church Residences for Walnut Creek Village in Baltimore, OH.
This $1.8 million mortgage will be used for renovations, as well as amenities for residents, the company said. Walnut Creek Village has 40 units and caters to low-income seniors and handicapped residents.
In conjunction with the FHA 223(f) refinance, the owner also closed on a $3.284 million Service Enriched Housing Grant, which was awarded by HUD under the Assisted Living Conversion Program. The grant will be used to renovate and provide additional amenities, such as modifications to kitchens and bathrooms, new finishes and new Energy Star® appliances and lighting.
National Church Residences of Columbus, OH, is a nonprofit subsidiary of National Church Residences, which was founded in 1961.