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Chicago & Midwest  + Midwest  + Senior Housing  | 

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

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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).

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