KeyBank Arranges $10.6M Construction Financing for Affordable Community in Cincinnati

CINCINNATTI — KeyBank Community Development Lending and Investment (CDLI) has arranged $10.6 million in financing for construction of Walnut Hills Senior Campus in Cincinnati.

The Model Group is redeveloping the property, formerly known as The Manse Apartments, as a 60-unit, low-income housing tax credit (LITHC)/Section 8/Section 811 apartment complex for seniors and the disabled.

The property site consists of the historic Manse Hotel and Annex, which will be renovated, as well as a vacant duplex, triplex and mixed-use property that will be demolished and replaced with a four-story building. The project will consist of studios and one-bedroom units restricted to seniors earning 20 percent, 50 percent and 60 percent area median income.

Additional financing was provided by the Ohio Housing Finance Agency, City HOME Funds, a grant from the Federal Home Loan Bank of Cincinnati and a donation from KeyBank. Ohio Capital Corp. for Housing was the equity investor.

This is the 13th affordable housing project that KeyBank and The Model Group have partnered on.

Kelly Frank, Greg Deeks and Laura Janosko of Key’s CDLI team arranged the financing. The lender was not disclosed.