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Rose Arranges Financing for Rehab of Cleveland Affordable
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Rose Community Capital, the residential financing division of the Jonathan Rose Companies, has secured a $16,119,100 Section 221(d)4 Substantial Rehab loan for Fenway Manor, a 143-unit affordable housing project in Cleveland. Built in 1923 as a residential hotel, Fenway Manor was rehabbed in 1974 for low-income seniors by The Orlean Company, based in Beachwood, OH.
“In discussions with community and city leaders, The Orlean Company agreed it was critical to preserve this property for continued use as affordable housing for low-income seniors,” said Tony Love, president of Rose Community Capital. Orlean partnered with Portland, ME-based Renewal Housing Associates to develop “a comprehensive recapitalization of Fenway Manor that will include significant capital improvements to the property.”
Orlean and Renewal Housing secured a new HUD insured/GNMA-backed first mortgage, 4% Low-Income Housing and Historic Preservation Tax Credits, tax exempt bonds and a HOME Loan from the City of Cleveland.
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