Affordable FL Community Lands $7M Financing
- Jun 21, 2017
Walker & Dunlop Inc. structured a $6.9 million loan for William Booth Towers, a Section 8 property and age-restricted rental community in Orlando, Fla. Senior Vice President Jeff Kearns led the Walker & Dunlop origination team, which utilized the U.S. Department of Housing and Urban Development 223(f) program to refinance the property’s existing HUD 202 loan. The new loan included a 35-year, fixed-rate term.
Located at 633 Lake Dot Circle, William Booth Towers is part of a residential neighborhood in the 5th Congressional District of Florida. Nearby attractions include the Bob Carr Theater, East End Market, Harry P. Leu Historic Gardens, restaurants and multiple nightlife options. The property serves residents aged 62 and above. The 168-unit community is consistently well-occupied and has a waitlist of more than 200 qualified households. All units are one-bedroom and some are handicap-accessible. Amenities include a recreation room, craft and exercise classes, a community garden, and a passenger bus.
The refinancing reduced the property owner’s interest rate by three percent and generated proceeds that will be used to perform a $3.5 million rehabilitation of the property. Renovations of the 15-story building will include interior cabinetry upgrades, exterior painting, an upgraded building security system and accessibility improvements.
“We were pleased to be a part of the William Booth Towers transaction, which will further enhance what is already a superior age- and income-restricted property in the Orlando market. The property has been in excellent condition throughout its life, and the owner will be well-positioned to ensure long-term viability of the property,” said Kearns, in a prepared statement.
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