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CUYAHOGA FALLS, Ohio — RED Mortgage Capital has arranged a $4.1 million FHA loan for Portage Trail Village, a 183-unit affordable seniors housing community in the Akron suburb of Cuyahoga Falls.
National Church Residences acquired the 13-story community in 1991 and renovated the property in 2009, converting the first six floors to assisted living.
The loan will provide capital to rehabilitate the building. In addition to the FHA loan, National Church Residences was able to secure $1 million in Low Income Housing Tax Credits equity from the Ohio Housing Finance Agency.