Annunciation Terrace

Rose Community Capital is pleased to announce the recent closing for Annunciation Terrace located in Akron, OH. Annunciation Terrace is a 50-unit Senior Affordable Housing Project that was originally developed with 4% Bonds/LIHTCs and soft debt provided by Catholic Charities.  Occupancy is restricted to Seniors aged 62 and over.

The project was originally purchased by the developer using an RCC provided acquisition bridge loan.  The bridge loan allowed the borrower to complete the purchase of the property, replace the roof and make improvements to the parking, while new perm debt was pursued.