housing-authority-of-avon-park-board-meeting-agenda-september-16-2025_ed1.pdf
Cornell Colony Loan Renewal Approved With SeaCoast
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Description
The Housing Authority of Avon Park approved Resolution 25-07 renewing the $836,702.96 Cornell Colony loan with SeaCoast. The five-year term carries interest at six and a quarter percent, with future adjustments tied to the prime rate, and estimated closing costs of $10,969.
Contract Details
Contract Amount
$836,702.96; closing cost estimate $10,969
Vendor
SEACOAST
Agency
Housing Authority Of Avon Park, FL
Contract Type
FINANCIAL_SERVICES
Document Date
September 16, 2025
Contract Term
Interest six and a quarter percent for five years, then rate adjusted automatically every five-year period based on prime rate plus half percent
Renewal Info
Original Cornell Colony loan with SeaCoast expired 2025-08-18 and is renewed for five years at 6.25% interest, with automatic rate adjustments every subsequent five-year period based on prime rate plus 0.5%, and no current prepayment penalties.
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