Quaker Hill Place

$19.7 million HUD Section 223(f) refinance for Quaker Hill Place, Wilmington, DE.

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Quaker Hill Place is a single, eight-story apartment building containing 151 units, of which 150 of these are age-restricted units. In addition, the development benefits from a Project-Based Section 8 Contract covering the 150 age-restricted units.

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The loan will enable the owner to complete certain upgrades and repairs at the property. Upgrades for the property include, but are not limited to, the expansion of common areas with the construction of new library, hair salon, dining area, fitness room, wellness center, a community store and mail/package area. Additionally, a new security system will be installed with cameras located throughout the building.  

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As part of the loan transaction, the owner and HUD agreed to terminate the Section 8 Contract and enter into a new 20-year HAP Contract at post rehab rents under Chapter 15/Option One B, Mark-up-to-Market Program. The new Contract will also include a so-called “Preservation Tail” of 17 years, the period remaining on the terminated Section 8 Contract. As a result, Quaker Hill Place will remain an affordable property for at least the next 37 years.

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The property is managed by Boston Land Company Management Services, Inc.