Affordable NY Community Lands $20M in Financing
KeyBank secured the loan for the acquisition and development of Mosaic Village in Cohoes. Vecino Group is both the developer and owner of the property.
KeyBank Community Development Lending and Investment has provided a $19.6 million loan for the acquisition and development of Mosaic Village in Cohoes, N.Y. The loan breaks down to $10.7 million in construction financing and $8.9 million in Low-Income Housing Tax Credit equity. The mortgage is scheduled to mature on May 31, 2020.
The development team includes The Vecino Group—which also owns the property—3TArchitects, The Alternative Living Group and a local non-profit organization. Once complete, the affordable housing community located at 55 Sargent St. will feature a mix of one- to three-bedroom units for individuals and households earning between 30 and 80 percent of the area’s median income.
Out of the total 68 units, 14 will be set aside for people with intellectual and developmental disabilities.
Upon completion, the affordable housing property will include space for a day-care center and for non-profit organizations to provide services catered to households and individuals with intellectual and developmental disabilities…” said KeyBank Community Development Lending and Investment Senior Relationship Manager Joe Eicheldinger told Multi-Housing News.
Greg Kiger, Jennifer Seamons and Victoria O’Brien were also part of the financing team alongside Eicheldinger. New York State Homes and Community Renewal, New York State Housing Trust Fund Corp. and Community Preservation Corp. provided additional sources of funding. Most recently, KeyBank Community Development Lending & Investment originated $14.2 million in construction financing for the renovation of two affordable senior housing communities in Buffalo, N.Y.
Image courtesy of The Vecino Group