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Boston & New England  + New England  + Senior Housing  | 

KeyBank Provides $38M Acquisition Loan for Senior Housing Property in New Haven

KeyBank has provided a $37.5 million acquisition loan for Fairbank Apartments, a 121-unit senior housing property in New Haven, CONN.

KeyBank Real Estate Capital’s Commercial Mortgage Group provided the financing to Community Preservation Partners and Hampstead Development Partners to acquire and renovate the affordable community. Originally built in 1973, Fairbank Apartments, a Section 8 property on one acre of land, consists of 121 units (106 one-bedroom and 15 two-bedroom) and one ground-level retail bay in a nine-story building. The property, which has a KeyBank branch on the ground floor, will have a Housing Assistance Payments (HAP) Contract covering 112 units for 20 years.

The capital consists of $12.5 million of low-income housing tax credit (LIHTC) equity, a $6 million equity bridge loan, an approximate $19 million public bond offering and $19 million of Fannie Mae tax-exempt bond collateral. The New Haven Housing Authority issued the tax-exempt bonds.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

  • ◦Development
  • ◦Financing
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