KeyBank Community Development Lending & Investment has provided $6 million in construction financing to Woda Cooper Communities for the acquisition and substantial rehabilitation of the Stuyvesant Motor building in Cleveland.
Upon completion, the historic five-story building will be renamed Prospect Yard and contain 42 units serving individuals and families earning at or below 60 percent area median income.
This project represents the first affordable housing units to be built near downtown Cleveland in the past 20 years. Constructed in 1911, the property originally housed a production plant, service center, garage and storage for Stuyvesant Motor Company. The property is listed on the National Register of Historic Places.
Kelly Frank of Key’s CDLI group arranged the financing. Additional funding was provided by CREA, Woda Group and Ohio Housing Finance Agency.