A new affordable senior apartment community in Canonsburg, Pennsylvania is going ahead thanks to a couple of financing options arranged and provided by KeyBank Community Development Lending. MVAH Partners, LLC, the project’s developer, will both convert a vacant former elementary school and add to the building at an estimated cost of $14.8 million. By the spring of 2022, there will be 42 units of low-income seniors housing and eight market-rate units.
Blueprints, a not-for-profit organization focused on services for low-income seniors, is partnering with MVAH on the project. To fund it, KeyBank provided an $11 million construction loan and arranged $12 million of 9% LIHTC equity. David Lacki and Laura Janosko of KeyBank’s CDLI team structured the financing, while Ryan Olman, also of KeyBank’s CDLI team, structured the equity.
Other financing sources include $1 million of realty transfer tax and housing trust funds from the Pennsylvania Housing Affordability and Rehabilitation Enhancement program and a $1.3 million permanent loan from the Pennsylvania Housing Finance Agency.
