Because of the SMF loan, Margate Terrace has a significant source of new capital for improvements and reserves, and a long-term Section 8 funding platform. The Sponsor will be able to continue to provide affordable housing to low and moderate-income elderly for years to come.
This is the fourth affordable housing loan recapitalization SMF has successfully closed for the Project’s management agent, Community Realty Management, which operates approximately 7,500 units of affordable rental housing.