New York Senior Community Gets Freddie Mac Refi

Signature Development will use part of the proceeds for capital improvements at the 80-unit property in Niagara Falls.

Vincent Morello Senior Housing

Vincent Morello Senior Housing

Signature Development Group has received a $1.3 million loan for the refinancing of Vincent Morello Senior Housing, an 80-unit affordable senior community in Niagara Falls, N.Y. CPC Mortgage Co., a subsidiary of Community Preservation Corp., provided the Freddie Mac Optigo Targeted Affordable Housing (TAH) financing that will preserve the community’s affordability. The owner will also use part of the proceeds for property improvements.

Developed in 1999 with the use of Section 42 (LIHTC) and Federal HOME funds, Vincent Morello occupies more than 5 acres at 402 95th St. The community consists of 10 two-story buildings housing one- and two-bedroom floorplans averaging 752 square feet. Planned improvements include capital interior and exterior renovations such as new roofs and parking lot pavement, as well as replacing all apartment HVAC systems and carpeting in common areas.

The property is adjacent to LaSalle Expressway near the Love Canal, two miles east of Interstate 190. There are three parks in the immediate area and Summit Medical Campus is less than two miles northeast.

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