In October 2011, affiliates of FCC acted as the affordable housing advisor for the refinancing of a 120 unit Section 8 assisted housing project in southwestern Pennsylvania. A new HUD insured mortgage in the amount of $3,035,200 for a term of 35 years bearing an interest rate of 4.4% was placed on the project. The refinancing provided funds for capital improvements and strengthened the project’s reserves. The refinanced mortgage loan also reduced debt service costs and increased cash flow from operations.

---

In July 2011, affiliates of FCC completed a long term preservation transaction for a 100 unit apartment complex located in the greater Western Pennsylvania region. The preservation transaction included the securing of a new project based Section 8 contract for a term of 20 years and the placement of new debt provided by the Federal National Mortgage Association for a corresponding 20 year term. The financing provided a substantial cash distribution to the owners and a reduction in annual debt service. FCC and its affiliates have refinanced $185,000,000 in mortgage debt over the past decade.

---

In March 2011, FCC completed the refinancing of a 78 unit Section 8 assisted housing project in Findlay, PA. A new HUD insured mortgage in the amount of $3,539,300 for a term of 32 years bearing an interest rate of 4.42% was placed on the project. The refinancing provided funds for capital improvements and strengthened the project’s reserves. The refinanced mortgage loan will also reduce debt service costs and increase cash flow from operations.

---

In December, FCC completed a long term preservation transaction for a 128 unit apartment complex located in the greater Pittsburgh area. The preservation transaction included the securing of a new project based Section 8 contract for a term of 20 years and the placement of new debt provided by the Federal National Mortgage Association for a corresponding 20 year term. The placement of new debt provided for significant proceeds for capital improvements and the establishment of long term reserves. Significant annual debt service savings were also obtained and a substantial cash distribution was made to the partners of the owning partnership.

---

Affiliates of FCC acted as affordable housing advisors for the refinancing of a 115 unit Section 8 assisted housing project for the elderly in Mt. Lebanon, PA. A new HUD insured mortgage in the amount of $3,456,800 for a term of 30 years bearing an interest rate of 3.8% was placed on the project.

---

FCC recently completed the refinancing of four affiliated apartment complexes containing 553 apartment units.  The refinancing totaled $15,736,200 with an average term of 26 years and average interest rate of 4.75 percent per annum.  The refinanced mortgage loans will substantially reduce debt service costs and increase cash flow from operations.  Proceeds from the refinancing will provide funds for green and capital improvements and will strengthen project reserve accounts.

---

FCC initiated the installation of several green improvements at seven Pennsylvania properties.  These green expenditures included the installation of water conservation measures such as low flow toilets, shower heads and faucets throughout the apartment units as well as high efficiency lighting and heating and cooling systems. These environmental sustainability undertakings have resulted in water and energy reductions averaging over 30% and projected annual savings of over $105,000. FCC plans further green improvements to other projects over the next 12 months.

---

Welcome to the all new First Capital website!

Please visit our Firm Overview page for more information about our company.

---