National Church Residences has received financing to rehabilitate three affordable housing developments for seniors in Florida, Ohio, and Texas.
KeyBank announced that it is providing $21.5 million of capital to the Ohio-based nonprofit to assist with the work.
Each property has an on-site social worker and provides services tailored to residents’ needs through National Church Residences’ Home for Life plan, including programs and activities as well as assistance with light housekeeping, grocery shopping, and laundry.
Fair Havens Village is an 80-unit property in Sebring, Florida, with 79 studio and one-bedroom units plus a manager’s unit in three buildings 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 9% 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 units and a one-bedroom manager’s unit, was originally constructed in 1997 in the rural Akron, Ohio, suburb of Ravenna. The rehabilitation will address critical capital needs of the building to enhance safety and accessibility and includes site, exterior, interior common area, dwelling unit, and safety systems improvements. Renovations will create a new accessible unit and a new sensory-impaired unit, bringing the total number of each to three and two, respectively. KeyBank CDLI provided a $2.9 million 4% LIHTC construction loan. Ohio Capital Corporation for Housing is the equity investor.
Lennox House, in Grand Prairie, Texas, features 39 one-bedroom units, with one manager’s unit, in a three-story garden-style building constructed in 1951. KeyBank CDLI provided a $4.2 million 9% 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 will upgrade the residences, including kitchen and bath remodels and new flooring, and provide accessibility features. The equity investor is the National Equity Fund.
KeyBank CDLI’s David Lacki structured the financing for the organization.
