KeyBank Invests $28.7M in Senior Housing

KeyBank's investment in Cambray Courts Apartments will help redevelop the community into 71 units of much-needed affordable housing for seniors in St. Lawrence County, N.Y.
A rendering of the Cambray Court Apartments redevelopment

A rendering of the Cambray Court Apartments redevelopment

Cleveland—KeyBank is investing in affordable senior housing with its contribution of $28.67 million to the Cambray Court Apartments, a 71-unit affordable housing project redeveloped in partnership with Omni Housing Development LLC and managed by United Helpers in St. Lawrence County, N.Y. Beardsley Architects and Engineers and Bette & Cring Construction Group are also involved in the project.

The redevelopment will replace 72 flood-threatened, garden-style apartments with a four-story, energy-efficient residential building. The development comes at a time when demand for affordable housing, especially for seniors, in the country is strong. The latest Census Bureau data had 13 percent of the population at age 65 or older in 2010 and 25 percent of them living in poverty. By 2030, more than 20 percent of U.S. residents are projected to be aged 65 and over.

To cater to the senior population, the community ill offer services in need of in-home care with preference given to the frail elderly and veterans. The property will also have 52 of the units set aside for those earning 30 to 50 percent below the area median income (AMI), 13 units set aside for those earning at or below 60 percent AMI and five units for those earning 90 percent of AMI.

“We are providing much needed housing for seniors, an often underserved community across the nation and one that is in need across St. Lawrence County,” said Robert Likes, national manager of Key’s Community Development Lending/Investment platform.

Helping ensure affordability for its residents, the property will absorb the cost of electricity, water, sewer and garbage removal. Residents will also have access to  87 well-lit parking spaces, elevator access to each floor, a community room with a kitchen, laundry facilities on each floor, walking trails and a patio with a garden.

KeyBank provided $8.86 million of equity through Low-Income Housing Tax Credits (LIHTC), $1.39 million in State LIHTC, a $9.91 million bridge loan, and a $8.49 million construction loan. Other investments include $1.88 million in Housing Trust Fund monies from New York State Homes and Community Renewal, which also allocated the LIHTC.

KeyBank is one of a few affordable housing lenders that has a platform bringing together balance sheet, equity and permanent loan offerings. In 2014, KeyBank’s Community Development Lending and Investment platform provided about $400 million in debt and equity financing to developments in underserved communities.