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Chicago & Midwest  + Midwest  + Senior Housing  | 

KeyBank Arranges $11M for Wichita Senior Housing

KeyBank Community Development Lending and Investment (CDLI) provided a tax-exempt construction and permanent bond loan of $11.3 million to Denver-based Steele Properties to acquire and renovate the Somerset Tower Plaza, an affordable senior housing property in Wichita, KS. Sarah Geis and Tim Gerstmann of KeyBank Real Estate Capital’s CDLI team structured the financing.

 
The city of Wichita issued the bonds, while the National Development Council provided $4.2 million of low-income housing tax credit equity.
 
Originally constructed in 1979, the seven-story Somerset Tower Plaza comprises 100 one-bedroom apartments located two miles from the Wichita CBD. The renovation will include exterior upgrades and life-safety improvements. 

The project will benefit from a U.S. Department of Housing and Urban Development Section 8 rental subsidy contract on all units, which will preserve the housing as affordable for very low-income tenants.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Sale/Acquisition
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