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Chicago & Midwest  + Midwest  + Apartments  |  July 19, 2023
Jasmine Kilman
By: Jasmine Kilman

KeyBank Secures $10M for Ohio Senior Housing Complex

KeyBank Community Development Lending and Investment provided $9.9 million in low-income housing tax credit equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights, Ohio, to 80 low-income housing senior units. This development will create 20 new apartments through the adaptive re-use of the first floor of Margaret Wagner House and preserve 60 apartments on the upper floors.

The project’s total cost is $18.7 million. Other financing sources include a HUD 202 Capital Advance, Cuyahoga County HOME and Affordable Housing Gap funding, Affordable Housing Program Grant funding through Federal Home Loan Bank of Boston, and seller financing.

The project is being co-developed by CHN Housing Partners and Benjamin Rose, both organizations are headquartered in Cleveland, Ohio. Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility offers HUD 202 PRAC subsidy for 100% of its units.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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