National CORE is launching its first new construction development in Fort Myers, California. This community marks National CORE’s first venture into new construction outside California. This development, as well as a second proposed community, Hawthorne Heights in Gainesville, will nearly double the company’s footprint in Florida.
Oak Park Senior Living will be an affordable seniors community with 144 units for seniors aged 62 or older that earn between 30% and 65% of the area median income. The community will offer 124 one-bedroom units and 20 two-bedroom units in one, four-story building.
KeyBank Community Development Lending and Investment provided $16 million in low-income housing tax credit equity. KeyBank’s Commercial Mortgage Group privately placed $22 million in tax exempt bonds for the construction of the project and arranged a $7.4 million Freddie Mac Forward commitment to provide permanent financing, to be funded at the stabilization of Oak Park Senior Living.
Ryan Benson, board member of the Florida Housing Financing Corporation, said Florida Housing Finance Corporation committed $22 million in a Multifamily Mortgage Revenue Note, $9.5 million from the Rental Recovery Loan Program, $1.2 million of Extremely Low-Income funding and $1.9 million in 4% Housing Credits toward the development.
