David Wilkins, Managing Director of Pillar in the Bloomfield Hills office, originated the HUD fixed-rate, 26-year term loan with a 26- year amortization schedule. “We secured the HUD IRRP loan to modify an old loan and to cut the interest rate in half,” said Wilkins. “The new loan provides excess funds that will allow the sponsor to keep the property well maintained into the future,” added Wilkins.
Delta Manor, Inc. is designated 100 percent Section 8 seniors housing. The HUD transaction closed on August 31 and will not impact rents, which will remain affordable for low-income seniors.
“We appreciate the assistance Pillar provided in completing the refinancing that will certainly benefit our residence for years to come,” said Barbara J. Anderson, President, Delta Manor, Inc.