KeyBank Provides Financing for 2 Affordable Senior Housing Assets
- Jun 08, 2018
KeyBank Community Development Lending & Investment (CDLI) has originated $14.2 million in construction financing for the renovation of two affordable senior housing communities in Buffalo, N.Y. Alliant Capital and New York State HFA provided additional financing.
Riverview Manor and Piotr Stadnitski Gardens provide a total of 210 one-bedroom units. Supported by existing project-based HUD Section 8 vouchers, the upgrades will be carried out in collaboration with Smith and Henzy Advisory Group and MDG Design + Construction.
Riverview Manor, built in 1977, is located at 8 Hertel Ave., on the Niagara riverbank. According to Yardi Matrix, the 12-story building comprises 110 units and was renovated in 1989. Constructed in 1978, Stadnitski Gardens is situated at 100 Beck St. and provides 100 units across 11 stories. Both buildings include elevators and a total of roughly 90 parking spaces.
“This project provides site-wide upgrades that will significantly improve the lives of Riverview Manor’s senior community and allow them to continue to comfortably and affordably age in place,” said Michael Rooney, principal of MDG Design + Construction, in prepared remarks. “Keeping senior residents in their homes and providing minimal disruption to their daily lives is a priority.”
CDLI Vice President Kyle Kolesar arranged the loan. Last January, KeyBank Real Estate Capital provided $161.5 million in Fannie Mae funding to refinance a 13-property senior housing portfolio. The ensemble features 1,500 units across New York, New Hampshire, Missouri and Nebraska.
Image courtesy of Yardi Matrix