KeyBank Provides $21.5M in Financing for Three National Church Residences Affordable Communities

by Jeff Shaw

SEBRING, Fla., RAVENNA, Ohio, and GRAND PRAIRIE, Texas — KeyBank has provided $21.5 million of capital for National Church Residences (NCR) to rehabilitate three affordable seniors housing properties in Florida, Ohio and Texas.

Fair Havens Village is an 80-unit property in Sebring, with 79 studios and one-bedroom affordable units plus a manager unit in three buildings. The property was originally constructed in 1985. The renovation will improve safety and accessibility and includes roof repairs, common area and residential unit improvements, and modernization of HVAC, electrical and plumbing systems. In addition to an $8.9 million low-income housing tax credit (LIHTC) construction loan, the project will also benefit from a $4.5 million permanent loan, both from KeyBank Community Development Lending and Investment (CDLI). The equity investor is National Affordable Housing Trust.

Bryn Mawr Glen, a property featuring 50 one-bedroom affordable units and a one-bedroom manager unit, was originally constructed in 1997 in the rural Akron suburb of Ravenna. The rehabilitation addresses critical capital needs of the building to enhance safety and accessibility and includes site, exterior, interior common area, dwelling unit and safety systems improvements. KeyBank CDLI provided a $2.9 million LIHTC construction loan; Ohio Capital Corp. for Housing is the equity investor.

Lennox House in Grand Prairie features 39 one-bedroom affordable units, with one non-revenue manager unit, in a three-story, garden-style building constructed in 1951. KeyBank CDLI provided a $4.2 million LIHTC construction loan to renovate the facility, including upgrading the common areas and adding an outdoor shaded structure with barbecue grills and picnic areas. The renovation also upgrades the residences, including kitchen and bath remodels and new flooring, and provides accessibility features. KeyBank also secured a $1.1 million Federal Home Loan Bank Community Investment Program permanent loan for the project. The equity investor is the National Equity Fund.

KeyBank CDLI’s David Lacki structured the financing for NCR.

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