KeyBank Provides $28.6M in Financing for Redevelopment of Affordable Community in New York

by Jeff Shaw

GOUVERNEUR, N.Y. — KeyBank has provided $28.6 million in financing for Cambray Court Apartments, an affordable seniors housing redevelopment in Gouverneur, in far northern New York near the Canadian border.

The redevelopment is in partnership with Omni Housing Development LLC and managed by United Helpers. The project will replace 72 flood-threatened, garden-style apartments with one accessible, four-story, energy-efficient building featuring 71 apartment units.

Designated as affordable housing, the community will feature 52 units for residents earning 30 to 50 percent or less of the area median income (AMI); 13 units for residents earning at or below 60 percent of AMI; five units for residents earning 80 percent of AMI; and one unit for residents earning 90 percent of the AMI.

The redevelopment project team includes Beardsley Architects and Engineers and Bette & Cring Construction Group.

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