Sacred Heart Manor
Rose Community Capital is pleased to announce the recent closing of FHA 241(a) sub-rehab loan for Sacred Heart Manor located in Lorraine, Ohio. Sacred Heart Manor is a 51-unit Senior Section 8 property that will be rehabbed using a combination of FHA loan proceeds and 4% LIHTCs.
The FHA 241(a) is a supplemental loan that is in B position behind the FHA 223(f). The combined LTV on this affordable project cannot exceed 90% with a DSCR of 1.11. This allows the owner to preserve the value of their very low interest rate on the prime debt.
Type of Loan: 241(a) Sub-rehab with LIHTC
Loan Amount: $1,300,000
Rose Community Capital is pleased to announce the closing of a FHA 241(a) sub-rehab loan for Sacred Heart Manor located in Lorraine, Ohio. Sacred Heart Manor is a 51-unit Senior Section 8 property that will be rehabbed using a combination of FHA loan proceeds and 4% LIHTCs. The 241(a) supplemental loan will combine with the existing 223(f) first mortgage to create a blended interest rate at the property. This structure allowed the borrower to preserve the very low interest rate on the first mortgage and add new debt to the project to support the rehab.
Under Construction