Lancaster Pollard Closes $5.5M in Refinancing Loans for Two Multifamily Properties in Ohio

COLUMBUS AND REYNOLDSBURG, OHIO — Lancaster Pollard has closed two refinancing loans totaling $5.5 million for multifamily properties in Ohio. Both properties were participating in the federal Low-Income Housing Tax Credit Program and have recently exited their initial 15-year credit period. Homeport Inc. was the borrower for both loans. In the first deal, Lancaster Pollard originated and underwrote a $3.5 million fixed-rate FHA loan for Pheasant Run Apartments, a 136-unit property located in Reynoldsburg. The FHA loan, which features a 35-year term, paid off existing debt and provided $1 million for repairs and renovations. In the second transaction, Lancaster Pollard originated and underwrote a $2 million fixed-rate Fannie Mae loan for Emerald Glen Apartments, a 130-unit complex in Columbus. The nine-year term financing paid off current debt and provided $350,000 for repairs and renovations. Both loans were paired with additional financing from the Ohio Housing Finance Agency.