Financing has been arranged for the acquisition and rehabilitation of Silver Lake Meadows, a 52-unit subsidized family development in rural Perry, New York.
KeyBank Community Development Lending and Investment (CDLI) is providing $10.6 million to Rochester's Cornerstone Group for the deal.
The sponsor for Silver Lake Meadows is Wyoming County Community Acton (WCCA), a nonprofit agency dedicated to helping individuals and families improve their lives. WCCA has partnered with Rochester's Cornerstone Group, an experienced developer with affiliated property management operations, for the project.
Silver Lake Meadows is a seven-building community for individuals and families earning no more than 30%, 50%, and 60% of the area median income. There are 14 one- and 38 two-bedroom units, with six total accessible units that will be retrofitted to meet Americans with Disabilities Act and Section 504 requirements. All buildings were part of a rehabilitation in 2003, but there are now capital needs and energy-efficiency improvements required to extend the buildings’ useful lives, according to the sponsors.
The buildings will be rehabilitated in conformance with the New York State Energy Research and Development Authority’s (NYSERDA’s) Multifamily Performance Program and will work to reduce overall utility costs by 20%.
The project also benefits from project-based subsidy provided by the U.S. Department of Agriculture Rural Development (RD) on all 52 units. The site has a central location within the village of Perry and is within walking distance to the regional bus stop and multiple grocery stores. Parking containing 96 spaces is available throughout the site.
The funding from KeyBank CDLI includes $5.4 million in 9% low-income housing tax credit equity and a $5.5 million construction loan structured by John-Paul Vachon and Kate de la Garza.
Additional funding sources include a NYSERDA energy grant, a $96 million WCCA loan, and $453 million from the Federal Home Loan Bank of New York. The permanent financing will also include a new RD Section 538 loan underwritten by Rose Capital.
