Congratulations to the dedicated non-profit owner Episcopal Management Corporation and manager Danville Development of St. Mark’s Tower for the preservation and rehabilitation of their landmark 99-unit senior property in Salt Lake City, Utah!
Sunstone was involved with the strategic planning and executing the actions to obtain as improved Section 8 rents via a Chapter 15 Mark Up to Market 20-year renewal and completing the HAP Assignment Application to a new subsidiary entity that will receive surplus cash distributions for their non-profit mission.
Sunstone coordinated with the local lender, Rocky Mountain Community Reinvestment Corporation, to obtain a Capital Needs Assessment and Phase I and Part 50 Environmental Site Assessment to meet HUD and the lender’s needs, saving money and time.
We are grateful for the team effort with all involved including HUD, the Contract Administrator, Lender, Management Agent, and Title Company. And we are just so dang happy to know that the residents will have the pleasure of living in their comfortable, updated units while feeling secure that their subsidy will be maintained.
If you are interested in learning what the Sunstone team can do for you and your property, please get in touch!
