William Booth Towers in Orlando wins $7m in refinancing

The William Booth Towers, a Section 8 property and age-restricted rental community in Orlando, Fla. has secured a $6.9 million refinance of the property. Walker & Dunlop procured the financing through the U.S. Department of Housing and Urban Development 223(f) program to refinance the property’s existing HUD 202 loan. The refinancing reduced the property owner’s interest rate by three percent and generated proceeds that will be used to perform a $3.5 million rehabilitation of the property. Located at 633 Lake Dot Circle in the CDB of Orlando, the 168 unit community has a waiting list of more than 200 qualified households.

“We were pleased to be a part of the William Booth Towers transaction, which will further enhance what is already a superior age- and income-restricted property in the Orlando market. The property has been in excellent condition throughout its life, and the owner will be well-positioned to ensure long-term viability of the property,” said Senior Vice President Jeff Kearns, Walker & Dunlop