KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment have provided a total of $39.4 million in financing for the redevelopment and preservation of Commodore Apartments in Cleveland.
KeyBank provided a $16.6 million LIHTC equity investment, an $11.6 million construction loan and an $11.1 million non-recourse, FHA 221(d)(4) first mortgage loan.
The 12-story, high-rise building was originally constructed in 1924 as a hotel and converted into apartments in 1964, with renovations in 2008 and 2010. The 198-unit multifamily apartment complex features 23 studio, 142 one-bedroom and 33 two-bedroom units. A project-based Section 8 HAP contract will provide rental assistance to 144 units for tenant earning between 30-60 percent AMI.
The building will be substantially rehabilitated, including replacement of the roof, elevator modernization, new fire alarm system installation, replacement of domestic water supply and waste plumbing, accessibility upgrades, and in-unit renovations, including upgrading the kitchens, baths, flooring and interior doors, among other items.
Jeff Rodman of Key’s Commercial Mortgage Group and Kelly Frank and Victoria O’Brien of Key’s CDLI group arranged the financing. The financing was made possible by Ohio Housing Finance Agency, the City of Cleveland and The Community Builders.
