Conifer Realty and Community Preservation Partners (CPP) have announced plans to revitalize Andrews Terrace, a 526-unit apartment complex in Rochester. The property, located at 125 St. Paul Street, consists of two residential buildings with studio, one-, and two-bedroom apartments served by elevators.
The project will be funded through various sources including a $135.6 million investment from KeyBank Community Development Lending and Investment for Federal LIHTC Equity and a $200 million construction loan. In addition, KeyBank Commercial Mortgage Group has closed on $73.1 million in Fannie MTEB financing while KeyBanc Capital Markets is underwriting $163 million in tax-exempt bonds for the project. Chase Community Equity will also provide an additional $37.2 million through Federal and State Historic Tax Credits.
The renovation plan includes upgrades to apartments as well as common areas such as elevators, electrical systems, plumbing systems,and outdoor spaces.This revitalization effort aims to provide affordable housing options for seniors aged 62+and disabled residents.
This significant investment totaling$571M demonstrates the commitment of these partners towards creating quality affordable housing options for Rochester’s senior population without compromising on comfort or convenience.
