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NRP Breaks Ground in Cleveland’s Euclid-Green Neighborhood
The NRP Group broke ground on The Residences at Cornerstone, a 76-unit affordable housing apartment community in the Euclid-Green neighborhood on Cleveland’s East Side. It’s the second phase of a development that began with Cornerstone Senior Apartments, completed in 2009.
“A true community requires a sense of comfort, convenience and engagement with the social fabric of the neighborhood in which it is located,” said Aaron Pechota, senior vice president of development at NRP. “The Residences at Cornerstone brings all of these advantages to our residents, and perfectly aligns with NRP’s strategy to enhance the neighborhoods where we develop.”
Slated for completion in 2021, the project will contain a mix of one-, two-, and three-bedroom apartments. Kyle Kolesar and Ryan Olman, of KeyBank’s Community Development Lending and Investment team, paired $11.7 million in Low Income Housing Tax Credit equity with an $8.3-million KeyBank construction loan and a $2.5-million Freddie Mac permanent loan.
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