National Church Residences (NCR), the nation’s largest not-for-profit seniors housing provider, has received $21.5 million through KeyBank’s David Lacki to renovate and rehabilitate three affordable senior apartment communities in Florida, Ohio, and Texas. Through NCR’s Home for Life plan, each property has an on-site social worker and offers programs and activities, light housekeeping, grocery shopping, and laundry for residents.
Fair Havens Village is an 80-unit property in Sebring, Florida, consisting of 79 studios and one-bedroom units. It also includes a manager unit in three of the buildings. The project will receive a $4.5 million permanent loan from KeyBank Community Development Lending and Investment (CDLI), in addition to an $8.9 million 9% low-income housing tax credit (LITHC) construction loan. The loan will go toward renovations to the roof, common areas, residential units, electrical and plumbing systems, and modernization of HVAC. National Affordable Housing Trust is the equity investor.
Bryn Mawr Glen, built in 1997 in the Akron suburb of Ravenna, Ohio, features 50 one-bedroom units plus a one-bedroom manager unit. KeyBank CDLI supplied a $2.9 million 4% LIHTC construction loan, and Ohio Capital Corporation for Housing is the equity investor. The funding will aid in the renovations of interior, exterior and general safety and accessibility improvements. One new accessible unit and a sensory impaired unit will be added as part of the renovations.
A three-story building constructed in 1951, Lennox House in Grand Prairie, Texas, has 39 one-bedroom affordable units plus one non-revenue management unit. The facility is set for renovation using a $4.2 million 9% LIHTC construction loan from KeyBank CDLI. KeyBank also secured a $1.1 million permanent loan for the project. Upgrades will be made toward the common areas, residential kitchen and bathroom areas, and will include accessibility features. National Equity Fund is the investor.
