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.
- ◦Development
- ◦Financing