National Church Residences and RED Mortgage Capital have closed on the refinancing and renovation of Portage Trail Village, a 183-unit senior housing community in Cuyahoga Falls, Ohio.
The 13-story development is a Sec. 202 property with occupancy restricted to heads of households 62 years and older or handicapped residents. The property, which was acquired by National Church Residences in 1991, is subsidized by Sec. 8.
The nonprofit works to help seniors age in place, including allowing for the transition to assisted living when and if the time is needed for its residents. With that idea in mind, under the Assisted Living Conversion Program through the Department of Housing and Urban Development, National Church Residences made renovations in 2009 to convert the first six floors to assisted-living units. The homes on the upper floors are independent-living apartments.
A $3.1 million Federal Housing Administration (FHA) Multifamily Accelerated Processing (MAP) financing paired with a $1.06 million FHA LEAN financing will help the team rehabilitate the building.
Officials at RED Mortgage Capital, the mortgage banking arm of RED Capital Group, said the deal required the building to be divided into two separate condominium facilities. The rehab of the assisted-living units was funded through the LEAN program while the independent-living apartments were funded under the MAP program.
In addition, National Church Residences leveraged low-income housing tax credit equity from KeyBank. The housing credits and a $1 million subordinate loan were provided by the Ohio Housing Finance Agency.
“National Church Residences is thrilled to partner with RED on the rehab of Portage Trail. Their expertise was extraordinarily valuable,” said Matt Rule, senior vice president of development for National Church Residence, in a statement. “We are especially excited that the Portage Trail campus will continue to allow our senior residents to have the option to age in place in independent units and, if appropriate, allow them to transition to assisted-living units without ever leaving behind their community of friends or the building.”