Secure $10M Funding for Ohio Senior Housing Complex with KeyBank

Secure $10M Funding for Ohio Senior Housing Complex with KeyBank

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

The project’s total cost is estimated at $18.7 million with additional financing sources including 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, as well as seller financing.

Co-developed by CHN Housing Partners and Benjamin Rose – both headquartered in Cleveland – this 1960 nursing home facility offers HUD 202 PRAC subsidy for all its 100% units .

This investment by KeyBank Community Development Lending & Investment will ensure that seniors have access to quality affordable housing options for years to come

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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