GAINESVILLE, Fla. — Nonprofit developer National CORE has received $19.5 million in construction financing to fund the development of Hawthorne Heights, a new affordable seniors housing project in Gainesville.
KeyBank Community Development Lending and Investment provided a $13 million loan and secured a $6.5 million Freddie Mac permanent loan on behalf of the borrower.
National CORE received additional funding from Red Stone, which provided low-income housing tax credit equity and bonds from the Florida Housing Finance Corp., for the project. The project also qualifies for real estate tax abatement.
Upon completion, the five-story community will serve residents age 62 and older, with five units dedicated for seniors with special needs. Three apartments will be reserved for households earning at or below 22 percent of the area median income (AMI), with nine and 74 units reserved for households earning at or below 40 and 60 percent of the AMI, respectively.
CT Group will manage the property, which is scheduled for completion in November 2026.
National CORE owns more than 105 properties and serves more than 30,000 residents across California, Florida and Texas.