Eastern Mortgage Capital, Boston, has issued a $5.1 million mortgage loan for a 117-unit affordable elderly housing facility in St. Louis.
The loan for Phase I of AHEPA 53 is insured by the Federal Housing Administration through the Section 202/223(f) program; it is long-term, fixed-rate, non-recourse financing. Other terms of the deal were not provided.
"In addition to refinancing existing debt, the loan also provides more than $1.5 million for future capital expenditures to maintain the integrity of this 1982 built property," said Peter Panagako, director of Eastern Mortgage Capital.
According the AHEPA Housing website, this was the first organization's first senior housing apartment community. Two additional phases have been added in subsequent years.
The program has grown to nearly 4,700 apartments situated within 86 individual senior apartment communities, spanning 21 states. AHEPA stands for the American Hellenic Educational Progressive Association.
