CLEVELAND — KeyBank Real Estate Capital (KBREC) and KeyBanc Capital Markets (KBCM) have secured $31 million of financing for National Church Residences, which will use the funds to renovate an affordable seniors housing community in Cleveland. Built in 1976, the 171-unit Carnegie Tower at Fairfax is a 12-story, project-based Section 8 apartment building on two acres adjacent to the Cleveland Clinic. The units are available in one- and two-bedroom configurations. The project will preserve the building as affordable housing and ensure the long-term viability of the development. KBREC provided $14 …
KeyBank
PATERSON, N.J. — KeyBank Community Development Lending and Investment (CDLI) has provided $5 million of financing for Radiant Property Management LLC, a Newark-based real estate services company. The funds will be used to acquire Rosa Parks Apartments, a Section 8 affordable housing property for seniors in Paterson. The five-story building features 50 units. Radiant Property Management will manage the property following the acquisition. Eric Steinberg of KeyBank’s CDLI team structured the financing.
DAYTON, Ohio — KeyBank has arranged a $38 million financing package for renovations to The Biltmore Towers, an affordable housing community in Dayton. KeyBank Community Development Lending and Investment (CDLI) secured a $6 million equity bridge loan and KeyBank Real Estate Capital’s (KBREC) Commercial Mortgage Group secured $16 million of fixed-rate Fannie Mae financing. Additionally, the Key Community Development Corp. provided $16 million of low-income housing tax credit (LIHTC) and historic tax credit (HTC) equity combined. St. Mary Development Corp. and Related Cos. are leading the redevelopment project. Built in …
WICHITA, Kan. — KeyBank Community Development Lending and Investment (CDLI) has provided an $11.3 million tax-exempt construction and permanent bond loan for the acquisition of Somerset Tower Plaza in Wichita. Steele Properties plans to renovate the 100-unit affordable seniors housing community. The city of Wichita issued the bonds, and the National Development Council provided $4.2 million of Low-Income Housing Tax Credit equity. Originally constructed in 1979, the seven-story Somerset Tower Plaza is located two miles from the Wichita Central Business District. The renovation will include exterior upgrades and life-safety improvements. …
LAWRENCEVILLE and DACULA, Ga. — KeyBank Real Estate Capital (KBREC) has secured $50 million of fixed-rate Freddie Mac financing for Dominium, a developer and manager of affordable housing. The twin $25 million loans will be used for the construction of two affordable seniors housing communities — Grayson Ridge Apartments in Lawrenceville and The Preserve at Peachtree Shoals in Dacula, both suburbs of Atlanta. Both four-story, garden-style properties will each contain 240 units for residents age 55 and older. The unit mix for both will consist of 124 one-bedroom units, 100 …
WICHITA, Kan. — KeyBank Community Development Lending and Investment (CDLI) has secured $10 million of construction and permanent financing for an affordable seniors housing property in Wichita. The borrower is Denver-based Steele Properties, which will use the funds to acquire and renovate Shadyway Plaza. The community was built in 1979 and features 100 one-bedroom apartments in a seven-story building. All units are reserved for seniors and disabled resident earning up to 60 percent of area median income. Monroe Group Ltd., Steele Properties’ sister company, will manage the property, which is …
KeyBank Arranges $270M Financing, $125M Credit Facility for New Senior Investment Group
by Jeff Shaw
NEW YORK CITY — KeyBank Real Estate Capital (KBREC) has arranged a new $270 million Freddie Mac loan to New Senior Investment Group (NYSE: SNR), a New York-based REIT. The 10-year loan is secured by 14 independent living assets and provides New Senior with a lower spread and extended maturity compared to the company’s previous financing. The Freddie Mac financing is part of New Senior’s strategic transaction that included the sale of its entire assisted living portfolio, which included an amendment and restatement of the company’s $125 million credit facility …
TOLEDO, Ohio — KeyBank Real Estate Capital has provided a $145 credit facility through Fannie Mae for ReNew REIT, a Toledo-based, non-traded seniors housing investor. The credit facility is secured by eight seniors housing communities spread across eight separate states. The specific locations were not disclosed except for Sunshine Villa in Santa Cruz, California. The initial draw on the credit facility includes a 10-year term and provides expansion and borrowing features that allow ReNew to access additional financing proceeds through the existing collateral pool or by adding new properties to …