An affordable senior apartment community is going up in Findlay, Ohio, about 45 miles south of Toledo, thanks to a combination of financing sources. Located on 3.7 acres, the community will feature 50 units for seniors who earn up to 30%, 50% and 60% of the area median income. Blanchard Valley Health System (BVHS) is building the community on its mixed-use development site that includes medical offices, market-rate apartments and single-family condos. BVHS also owns and operates an adjacent CCRC, Birchaven Village, which future residents of the senior apartment community will be able to use its services and amenities. Construction commenced in August and will be completed by June 2021.
To finance the development, Hunt Capital Partners worked with Pennrose and BVHS to arrange $7.3 million in low-income housing tax credit equity. Hunt facilitated the equity through its proprietary fund, Hunt Capital Partners Tax Credit Fund 19, with Aetna. Then, RiverHills Bank provided a $2.7 million construction loan and a $1.6 million permanent financing commitment. Finally, Ohio Housing Finance Authority provided a $1.3 million bridge loan for the community’s construction. That’s a team effort.
