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 Steele’s second in Kansas.
Steele plans spends $3.7 million to renovate the property, including a new roof and doors, as well as upgraded safety and security features; HVAC system; community room with kitchen and business center; common area lighting; and Americans with Disabilities Act unit conversions.
The KeyBank financing includes a $10 million construction-to-permanent loan; 4 percent tax credits allocated by the Kansas Housing Resources Corporation; tax-exempt bonds issued by the City of Wichita; and $4 million of tax credit equity provided by the National Development Council.
Sarah Geis of KeyBank’s Community Development Lending Group structured the financing.