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New York & Tri-State  + New York  + Finance  |  January 11, 2024
Emily Fu
By: Emily Fu

KeyBank Closes $571M for Rochester Senior Affordable Housing 

Conifer Realty and Community Preservation Partners (CPP) plan to renovate Andrews Terrace, a 526-apartment building complex in Rochester. Located at 125 St. Paul Street, Andrews Terrace consists of two 19- to 22-story elevator-served residential buildings containing studio, one-, and two-bedroom apartments.  

The investment includes KeyBank Community Development Lending and Investment providing $135.6 million of 4% Federal LIHTC Equity and a $200 million construction loan, along with other funding sources. Additionally, KeyBank Commercial Mortgage Group closed $73.1 million Fannie MTEB and KeyBanc Capital Markets underwrote $163 million of tax-exempt bonds for this project. Federal and State Historic Tax Credit equity of $37.2 million will be provided by Chase Community Equity. 

The project will upgrade apartments, common areas, elevators, electrical and plumbing systems, and outdoor spaces. Andrews Terrace will provide affordable housing for seniors (62+) and disabled residents. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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