CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided $34.3 million in construction and permanent financing through the HUD 221(d)(4) Mortgage Insurance program to facilitate the rehabilitation of six low-income apartment buildings in the South Shore of Chicago. The 6900 Crandon Apartments provides 151 units for elderly and disabled residents subsidized under a project -based Section 8 contract. The remaining five apartment building provide 126 units for families. The sponsor is Evergreen Real Estate Group. The properties are owned by an LIHTC partnership created by the Housing and …
ROCHESTER, N.Y. — KeyBank has arranged a $571.7 million financing package for Andrews Terrace, a 526-unit affordable seniors housing property located along the Genesee River in Rochester. A partnership between Conifer Realty and Community Preservation Partners owns the property and has announced renovation plans. Located at 125 St. Paul St., Andrews Terrace was built in 1975 and consists of two residential buildings, one rising 19 stories and the other 22 stories. The towers offer studio, one- and two-bedroom apartments for seniors and disabled residents. The buildings are connected on the …
CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has provided $11.3 million for 9 percent tax credit equity to finance the construction of Garrett Square Apartments, a 49-unit affordable seniors housing project located in the Glenville neighborhood of Cleveland. KeyBank will provide a $9 million construction loan and a $2.3 million permanent loan. Additional permanent financing sources include secondary soft loans of $1.7 million provided through the City of Cleveland’s American Rescue Plan Act, $900,000 from City Home, and $450,000 from the County ERA fund. Garrett Square will be …
CLEVELAND HEIGHTS, Ohio — KeyBank Community Development Lending and Investment (CDLI) has provided $9.9 million in Low-Income Housing Tax Credit (LIHTC) equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights to 80 low-income seniors housing units. The development will create 20 new apartments through the adaptive re-use of the first floor of Margaret Wagner House and preserve 60 apartments on the upper floors. Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility offers HUD 202 PRAC subsidy for …
MORRISVILLE, N.Y. — KeyBank Community Development Lending and Investment (CDLI) has provided a $9 million construction loan and $12 million in Low-Income Housing Tax Credit (LIHTC) equity for the construction of an affordable senior housing property in Morrisville, a tiny village of just over 2,000 residents in Central New York. Community View Apartments will consist of 61 units for residents age 55 and older earning no more than 30 percent, 40 percent, 50 percent and 60 percent of the area median income. Of the 61 units, 20 will be covered …
Seniors housing owners that stabilized their properties after the pandemic are now faced with a new challenge: a spike in interest rates and a disrupted lending environment. The challenge arrives at a time when many borrowers need capital for maturing loans to escape variable-rate debt or to finance growth. The good news is that loans insured by the Federal Housing Administration (FHA) remain available and are giving eligible borrowers an attractive solution, say Lee Delaveris and John Randolph, seniors housing and healthcare specialists at KeyBank Real Estate Capital. Available in …
PORTLAND, Ore. — KeyBank Community Development Lending and Investment (CDLI) has provided $67 million for the acquisition and rehabilitation of the Grace Peck Terrace Apartments, an affordable seniors housing property in Portland. Grace Peck Terrace features 95 one-bedroom units for residents age 62 and older or disabled persons earning no more than 60 percent of the area median income (AMI). The borrower, Home Forward, is a developer, owner and operator of more than 9,500 affordable units in Portland and its surrounding counties. KeyBank’s CDLI group arranged a $27.2 million construction …
The Feb. 15 webinar “Meeting the Critical Need for Affordable Seniors Housing” focused on challenges and strategies for addressing resident needs while keeping costs down in the affordable seniors housing segment. This endeavor is no easy task in an environment where labor and staffing prices, construction costs and interest rates make calculations unwieldy. Three expert panelists discussed helpful programs, essential tax credits and successful case studies to light the way to affordable seniors housing. “We know that there’s a wave of 73 million baby boomers reaching an age …
RALEIGH, N.C. — KeyBank Real Estate Capital has provided a $53.1 million Fannie Mae loan from Fannie Mae for Waltonwood Lake Boone, a 181-unit seniors housing community in Raleigh. The property offers independent living, assisted living and memory care units. Charlie Shoop of KeyBank arranged the 10-year, fixed-rate loan on behalf of the borrower, Singh Development, a real estate developer with offices in Raleigh and West Bloomfield, Mich. The financing recapitalizes a loan that KeyBank’s Healthcare Group originated in 2019, a year after Waltonwood Lake Boone opened.
The health of seniors housing occupancy continues to recover, albeit slowly, amid challenges that refuse to relent. Rather than a one-two punch, the sector has absorbed a one-two-three combination: Occupancy-reducing COVID landed the first blow, labor shortages and inflating operational expenses delivered the second, and rising interest rates scored with the third, declares Charlie Shoop, a senior vice president with KeyBank’s healthcare group. A slumping economy may add a kick to the teeth for good measure. “There is a lot of noise in seniors housing financials right now, and few …
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