City Council

HA CC 1.​Subordination Agreement, allowing Urban Renual, L.P. to Proceed with a Refinance of the\nSenior Loan for Arbor Gardens Senior Apartments​\nRecommendation(s):\n​1. Adopt Resolution No. 24 - authorizing the Executive Director, or his designee, to\nfinalize terms, modify, and execute a subordination agreement in a form approved by the\nCity Attorney with respect to a $3,300,000.00 Lancaster Housing Authority Loan, a\n$475,000.00 Lancaster Housing Authority (“Authority”) loan, and a new loan of\n$5,900,000.00 from PNC Bank, National Association, allowing Urban Renual, L.P. to\nproceed with mortgage refinance of the senior loan for Arbor Gardens Senior Apartments. ​\n2. Authorize the Executive Director, or his designee, to execute all related documents.\n​PNC Bank, National Association is making a loan to Urban Renual L.P. in the original\nprincipal amount of $5,900,000.000 (Senior Loan), upon the terms and conditions of a\nMultifamily Loan and Security Agreement dated as of October 31, 2024. The Senior Loan\nis secured by a Multifamily Deed of Trust, Assignment of Rents, Security Agreement and\nFixture Filing.\nCOUNCIL ACTIONS\nCONSENT CALENDAR