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 first floor with elevated walkways throughout.
Under an existing Housing Assistance Payments contract, 496 of the community’s apartments are reserved for residents earning up to 50 percent of the area median income (AMI), with 30 apartments set aside for those earning 60 percent or less of AMI.
Renovations for the 557,602-square-foot community will include kitchen upgrades and bathroom refurbishment in each unit, and renovations to common areas including the lobby, community room, management office, maintenance shop and parking garage.
Redevelopment efforts will also include the addition of a community garden, seating and grilling area, bocce call courts, fitness room, game room, reading nook, two community rooms, new mailboxes and a playground for grandchildren. Elevators, electrical and plumbing systems will also be upgraded. Renovations are scheduled to take 32 months to complete, with minimal impact to residents expected.
The financing package secured by KeyBank includes $335.6 million for the renovation of the community, including $135.6 million from KeyBank Community Development Lending and Investment and the Urban Investment Group at Goldman Sachs, via 4 percent Low-Income Housing Tax Credits; and a $200 million construction loan.
Financing for Andrews Terrace also includes $73.1 million in tax-exempt bonds from Fannie Mae, which the KeyBank Commercial Mortgage Group placed; and $163 million in tax-exempt bonds underwritten by KeyBanc Capital Markets. The community has also received $37.2 million in federal and state Historic Tax Credits, which Chase Community Equity will provide.
Conifer Realty is a full-service real estate firm specializing in development, construction, management and ownership of affordable housing communities. The company has offices in New York City, Long Island and Rochester, N.Y.; Mount Laurel, N.J.; and Columbia, Md.
WNC & Associates established Community Preservation Partners in 2004 and as a national investor in affordable housing community renewal initiatives. Since its formation, the company has acquired, developed and rehabilitated more than 15,000 units of affordable housing across the U.S.