On what: A 52-unit apartment building with units priced at levels affordable to people making 80% or less of the area median income. “We’re very eager to get started,” Feakins said.Once that is in hand, the company can begin demolishing two existing buildings on the site and prepare it for new construction,.OZFund’s next step is to secure bank lending for the $15 million project, said Jeremy Feakins, a British-born entrepreneur who is founder and CEO of the fund.The loan, at a rate of 1.75%, came from the Pennsylvania Infrastructure Investment Authority, known as PennVest.The developer, a Lancaster-based real estate investment fund called OZFund Inc., has landed a low-interest $1.8 million loan to help cover the costs of stormwater remediation and a “green roof” for the project, which is slated for 800 S.Construction on $15 million affordable-housing project in Lancaster city is pulling closer to the starting bell.
