United Church Homes Secures $11.5 Million in Financing for Four Properties

by Channing Hamilton

MARION, OHIO — United Church Homes, a Marion-based non-profit organization that specializes in developing affordable and mixed-income communities, has secured $11.5 million to refinance four properties in Ohio, Indiana and Tennessee. Lument provided the financing. Lument’s Paul Weissman and Andy Nicoll led the transactions.

The four refinanced loans were completed under the FHA Section 223(f) program and closed between May and September. The financing includes: $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit complex in Fort Wayne, Indiana; $2.3 million for Fox Hollow, a 40-unit asset in Covington, Tennessee; and $2.5 million for Canal Village, a 45-unit property located in Canal Winchester, Ohio. Additionally, the properties received more than $5,000 per unit in repairs.

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