KeyBank Community Development Lending and Investment provided $9.9 million in low-income housing tax credit equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights, Ohio, to 80 low-income housing senior units for residents 62 years and older.
This development will create 20 new apartments through the adaptive re-use of the first floor of Margaret Wagner House and preserve 60 apartments on the upper floors.
Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility offers HUD 202 PRAC subsidy for 100% of its units. In addition to creating 20 new one-bedroom units, the project will renovate existing units with updated kitchens and bathrooms, improved accessibility, central air conditioning, elevator modernization, new roofing, and site improvements.
The project’s total cost is $18.7 million. Other financing sources include 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 and seller financing.
The project is being co-developed by CHN Housing Partners and Benjamin Rose, both organizations that are headquartered in Cleveland, Ohio. Margaret Wagner Senior Apartments will provide much needed senior affordable housing in a market where demand far outstrips supply.
Derek Reed structured the tax credit equity investment and Tara Miller served as the Underwriter for the transaction.
