St. John’s Towers, Havre de Grace, MD

What: 53 unit senior high-rise, built in 1966

Client: St. John's Tower, Inc., 501(c)3 Maryland non-profit

Original Financing:  HUD 202 Direct Loan, 100% Section 8, Flex Sub Loan

GDG Services: Preservation Study, MU2B of the Section 8, prepayment of 202 Loan (sub-rehab waiver obtained), deferral of Flex Sub Loan, refinancing with an FHA 223(f) loan and with an AHP Grant

Impact Statement:  It was determined that an FHA 223(f) loan would be the best fit to address the needs of the property without burdening the cash flow.  The rent increase was important to this solution, as was the ability to secure a deferral of the Flex Sub Loan and a "sub rehab" waiver. The proceeds of the new loan were used to replace all of the bathrooms and plumbing systems, to address the elevators and common spaces, and to improve accessibility. 

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