NRP Group Breaks Ground on Cleveland Affordable Housing Project
Residences at Cornerstone will bring 76 units to the Euclid-Green neighborhood. The development is part of a mixed-age community that includes Cornerstone Senior Apartments.
The NRP Group has begun work on an affordable housing community in Cleveland. Dubbed The Residences at Cornerstone, the property will encompass 76 units.
The development is the second phase of an inclusive, mixed-age project that includes Cornerstone Senior Apartments, a 50-unit community for seniors, completed 10 years ago. KeyBank paired $11.7 million in LIHTC equity with an $8.3 million construction loan and a $2.5 million Freddie Mac permanent loan for the project.
Located at 18231 Euclid Ave. in the Euclid-Green neighborhood, The Residences at Cornerstone will be near the recently renovated Duggan Park, a Save-A-Lot grocery store and Village Green Shopping Center. Residents will have access to nearby basketball courts, baseball field, outdoor pool, water play area, open green space and walking trails. Moreover, plans call for a community that features a room with computer stations and internet access, a fitness room, laundry facilities and storage space on every floor.
The community is slated to contain a mix of one-, two- and three-bedroom apartments, with eight units set aside for residents earning 30 percent or less of the area’s median income, eight units restricted to residents who qualify for the HUD 811 program and 60 units will be reserved for those earning 60 percent or less of the area’s median income. Completion of The Residences at Cornerstone is scheduled for 2021.