Huntington Bank on Track to Meet $100M Affordable Housing Goal
- Jan 27, 2011
Columbus, Ohio—The groundbreaking at a $12 million senior community in southeastern Columbus, Ohio yesterday marked Huntington Bank surpassing the halfway point of their $100 million commitment to affordable rental housing in Ohio. The bank has committed $60 million since the initiative was announced in July 2010. The three-year Ohio housing investment program has already generated 600 new or renovated units throughout the state.
Yesterday’s ground breaking was for a new 98-unit independent senior living community called Elim Manor. Columbus Housing Partnership is developing the project. The 98-unit complex offers support services to help seniors sustain independent living and received additional financing through Columbus Metropolitan Housing Authority, U.S. Housing & Urban Development and Franklin County.
Huntington’s investment alliance with Ohio Capital Corporation for Housing represents the single largest investment in affordable housing in Ohio history. The initiative is expected to create more than 1,300 apartments for up to 3,000 low- to moderate-income people. Huntington will back the Elim Manor development with a nearly $3 million tax credit equity investment.
“Our goal at Huntington has been to bring affordable housing projects stalled by the recession back onto the front burner,” says Steve Steinour, Huntington CEO. “By investing aggressively to support quality developers like Columbus Housing Partnership, we are already improving community housing opportunities for residents throughout Ohio.”
Largo Group arranges $27M first mortgage refinancing
Orchard Park, N.Y.—The Largo Group of Companies has arranged a $27 million permanent first mortgage to refinance existing debt on four garden-style apartments in Orchard Park, N.Y. The financing was provided by one of Largo’s correspondent Life Insurance Companies, who secured a 10 year, sub 5 percent fixed rate, non-recourse loan. The collateral for the loan includes Armor Heights, Big Tree Manor, Hallmark Village and Quakertowne Apartments.
All four complexes were built in 1971 and 1972 and total 766 apartment units. Armor Heights is comprised of 17, two-story wood-frame buildings with 132 units. Big Tree Manor has 10 two-story, wood-frame buildings with 84 units. Hallmark Village includes 19 two-story, wood-frame buildings with 140 units. Quakertowne is the largest of the four properties, with 50 two-story, wood-frame buildings totaling 410 apartment units.
The four properties are located in a residential area with access to Interstate 90.
NorthMarq capital arranges $16.8M mortgage for Sacramento apartments
Sacramento, Calif.– NorthMarq Capital has arranged first mortgage financing of $16.8 million for Wolf Ranch Apartments, a 160-unit multifamily property located in Sacramento, Calif. Financing was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.
Wolf Ranch Apartments is a gated community that features one-, two- and three-bedroom apartments and a resort style pool and spa.