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KeyBank Finances Renovation to OH Seniors Properties
KeyBank Community Development Lending and Investment (CDLI) provided $4 million of construction financing to Adams Brown Counties Economic Opportunities, Inc (ABCAP), a non-profit social service agency. ABCAP partnered with The Model Group, a Cincinnati-based real estate development, construction and management company, to renovate two affordable senior housing properties in Ohio.
Loan proceeds will renovate the 13-unit Joshua Manor in Peebles and the 30-unit Village Garden in Winchester. The properties are restricted for seniors or the disabled. After the renovation, the 43 units will be restricted to those earning 30%, 50% and 60% of the area median income.
Project financing includes a low-income housing tax credit equity investment by Ohio Capital Corporation for Housing, an AHP grant from the Federal Home Loan Bank and a HOME loan from the Ohio Housing Finance Agency.
Kelly Frank and Alton Tinker of the KeyBank CDLI team structured the financing.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
