University Gardens I & II, Silver Spring, MD
What: 91 efficiency and 1-bedroom units in a two-phased affordable senior housing campus
Client: Korean Community Senior Center Housing Corporation
Original Financing: HUD 202/8 (UG I) and HUD 202 Capital Advance/PRAC (UG II)
GDG Services: RAD for PRAC conversion and combining the two properties into one transaction using a new FHA 223(f) Loan
Impact Statement: The new FHA 223(f) loan was used to pay for installation of a new elevator at UG I, and to bring the property into full compliance with ADA/UFAS standards.
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