Victory Tower is a 187-unit elderly apartment building built in 1971, located in Takoma Park, Maryland. Victory Tower was financed pursuant to the Section 223(f) mortgage insurance program which allows cash out. The new $6,800,000 HUD-insured loan has a 35-year term. The refinance will payoff the existing first lien, a second debt from Montgomery County, and a MEEHA Grant (Maryland environmental funds) loaned to the property by the Sponsor. The owner will use roughly $225,000 to convert the commercial kitchen into a warming kitchen and additional common area.
