KeyBank Community Development Lending and Investment (CDLI) provided construction financing to a to-be-built affordable seniors apartment community in Pittsburgh, Pennsylvania. The package consisted of a $27 million construction loan and a $14.4 million private placement permanent loan to finance the adaptive reuse of the First & Market office building. First & Market building will introduce 93 units, complete with accessibility features, sustainable building practices, and proximity to public transit, healthcare and other downtown amenities.
The sponsor, Beacon Communities, broke ground on the project last month. All 93 units will be restricted to the 62+ senior population and supported by a Section 8 Project-Based Voucher HAP contract through the Housing Authority of the City of Pittsburgh. The HAP contract will restrict 83 units to 50% area median income (AMI) and 10 units to 20% AMI. Twenty-eight units will meet Uniform Federal Accessibility Standards (UFAS), of which five will be restricted to 20% AMI and 23 to 50% AMI.
Beacon Residential Management will provide on-site property management and resident services coordination. An on-site resident services coordinator will collaborate with various community resource providers to help residents meet their basic needs with rental, food, and transportation assistance. Seaver Rickert from KeyBank Community Development Lending and Investment and Leslie Meyers from Key’s Commercial Mortgage Group arranged the financing.
