MONROE, N.C. — KeyBank Community Development Lending and Investment (CDLI) has provided $6.5 million of capital for an affiliate of National Church Residences (NCR). The funds will be used to rehabilitate Cotton Street Commons an affordable senior housing property in Monroe, N.C.
Cotton Street Commons is a 72-unit pet-friendly property, originally constructed in 1978, serving households with incomes between 30 percent and 60 percent of area median household income. Its 18 single-story buildings contain 64 one-bedroom and eight two-bedroom units and include accessible units.
The $6.5 million construction loan, convertible to a $2.6 million Federal Home Loan Bank Community Investment Program permanent loan, will fund preservation efforts that address safety and accessibility. The project will also utilize $5.6 million in 9 percent Low-Income Housing Tax Credit (LIHTC) equity provided by National Affordable Housing Trust, a $277,000 note from the seller and a $1.4 million assumed U.S. Department of Housing and Urban Development mortgage. Tax credits were issued by the N.C. Housing Finance Agency.
KeyBank CDLI’s David Lacki structured the financing for NCR.