KeyBank Provides $ 23 Million in Funding to Affordable Pennsylvania Community
Affordable housing developer MVAH Partners LLC, along with its non-profit partner Blueprints, has secured financing for its upcoming 50-unit Canonsburg Senior Lofts property in Canonsburg, PA. KeyBank Community Development Lending and Investment (CDLI) provided an $ 11 million construction loan, while Key Community Development Corp. has secured $ 12 million in 9 percent LIHTC equity for the project.
At an estimated cost of $ 14.8 million, the projected community includes the adaptive reuse of a former primary school, as well as its expansion. The mixed-income building is expected to include 42 units for seniors earning between 20 and 60 percent of the MAI, as well as eight apartments at market price. Completion is scheduled for spring 2022.
Additional funding comes from the Pennsylvania Housing Rehabilitation and Accessibility Improvement Program, with $ 1 million in property transfer taxes and housing trust funds. In addition, the Pennsylvania Housing Finance Agency provided a permanent loan of $ 1.3 million.
Located at 803 First St., the site is off Interstate 79 and 20 miles southwest of downtown Pittsburgh. Canonsburg Senior Lofts will include one and two bedroom floor plans, for people aged 62 and over. Community amenities will include a fitness center, lounge area and rooftop observation deck. Blueprints, which mobilizes resources to enable low-income people to become self-sufficient, will provide support services to residents. The organization serves 20,000 residents of Greene and Washington counties, as well as West Virginia.
Recent KeyBank Activity
David Lacki and Laura Janosko of KeyBank CDLI structured the financing, while Ryan Olman was in charge of securing the equity. In February, KeyBank provided nearly A financial package of $ 30 million for the construction of a 116-unit affordable housing project in Fitchburg, Wisconsin. Limestone Ridge Apartments are expected to offer one, two and three bedroom options to households earning between 50 and 80 percent of the MAI.
In a recent interview with Multi-housing news, Carolyn Nazdin, Senior Vice President and Healthcare Mortgage Banker at KeyBank Real Estate Capital, discussed housing finance problems for the elderly caused by the pandemic, as well as industry adaptation strategies. More efficient use of technology and the development of an affordable assisted living model are among the most important current trends in the industry, according to Nazdin.