Title
Re-Subordination and Refinance of Existing Debt in Beechridge I and II Apartments in Apex, NC
Recommended Action
That the Board of Commissioners:
1. Approves a refinance or new mortgage to consolidate the existing County debt for Beechridge I and Beechridge II Apartments in Apex into a new single purpose entity; and
2. Approves the execution of a Subordination of Lender for the new single entity for the purpose of refinancing the primary debt, subject to terms and conditions acceptable to the County Attorney, and
3. Authorizes the Chair to execute the subordination agreement and any other documents necessary to subordinate and amend the loans held by Wake County.