PROVIDENCE – Cathedral Development Group Inc. of Providence has closed on $44 million in refinancing for the Westward Ho Apartments in Phoenix, Ariz., a 289-unit affordable housing property for the elderly.
The refinancing includes an FHA rehabilitation loan, low income housing tax credits and federal historic tax credits. The restructuring will provide $14 million for rehabilitation of resident units.
The 16-story structure is on the National Register of Historic Places. Originally a hotel, it was at one point the second-tallest reinforced concrete structure west of the Mississippi River, according to a news release.
Cathedral Development Group is the general partner in Central and Fillmore LP, which owns the Westward Ho facility. The Providence-based company owns or manages more than 3,500 apartment units nationally.
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