Walker & Dunlop closed a $7.6 million loan for Glen Oak Towers, a high-rise multifamily development catering to seniors in Peoria, Illinois.
The transaction allowed the borrower, Scott Canel & Associates, to acquire and rehabilitate an older Secion-8 property using HUD’s 223(f) program. This allowed the borrower to avoid the higher costs and rates of the 223(f) program.
Glen Oaks Tower was built in 1954 and rehabbed in 1984 and 1985 with the goal of preserving low-income housing for seniors and people with disabilities. The borrower is planning significant renovations to the 168-unit property, including the replacement of all windows, modernizing the elevator system and renovating all interior units.