Ziegler Closes $4.9M FHA Refinancing for 150-Unit Affordable Community in Virginia

HARRISONBURG, Va. — Ziegler has secured a $4.9 million, FHA-insured mortgage for Heritage Haven, a 150-unit affordable seniors housing community in Harrisonburg, located in the Shenandoah Valley region.

The community is part of Virginia Mennonite Retirement Community, a continuing care retirement community featuring 263 independent living units, 86 assisted living units and 120 nursing care beds, in addition to the 150 affordable units.

The loan will refinance existing debt and lock in a long-term fixed rate. The financing will reduce debt service costs, lower the interest rate from 6.2 percent to 3.45 percent and fund $625,000 in repairs to the property.

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