KeyBank Provides $9.9M Loan for Affordable Housing Conversion in Cleveland Heights, Ohio

by Jeff Shaw

CLEVELAND HEIGHTS, Ohio — KeyBank Community Development Lending and Investment (CDLI) has provided $9.9 million in Low-Income Housing Tax Credit (LIHTC) equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights to 80 low-income seniors housing units. 

The development will create 20 new apartments through the adaptive re-use of the first floor of Margaret Wagner House and preserve 60 apartments on the upper floors.

Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility offers HUD 202 PRAC subsidy for 100 percent of its units. In addition to creating 20 new one-bedroom units, the project will renovate existing units.

The project’s total cost is $18.7 million. Other financing sources include a HUD 202 Capital Advance, Cuyahoga County HOME and Affordable Housing Gap funding, Affordable Housing Program Grant funding through Federal Home Loan Bank of Boston, and seller financing.

CHN Housing Partners (CHN) and Benjamin Rose, both headquartered in Cleveland, are co-developing the project.

Derek Reed structured the tax credit equity investment and Tara Miller served as the underwriter for the transaction.

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