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KeyBank Provides $49M Loan for Senior Housing Project
KeyBank Community Development Lending & Investment is providing $49 million of construction financing to 4132 Beyer, L.P., a collaboration between nonprofit affordable housing developers Metropolitan Area Advisory Committee (MAAC) and Kingdom Development, Inc. The new affordable senior housing community, Ventana al Sur, will be located in San Ysidro, CA.
The units will be restricted to seniors 62 and over with 20-50% of area median income, and 25 units will be set aside for seniors experiencing chronic homelessness. Located 12 miles south of San Diego, the community will include 100 one- and two-bedroom apartments with roll in showers, balconies and air conditioning.
“MAAC is proud to bring our integrated housing and supportive services model to San Ysidro. Thanks to our partnership with Kingdom Development and financing provided by KeyBank, we are ensuring equitable access to housing for communities throughout San Diego County,” said Arnulfo Manriquez, President and CEO of MAAC.
- ◦Financing
