Dees Stribling, Contributing Editor
Toledo, Ohio–The Lakewoods seniors housing complex in Toledo has obtained the necessary capital to expand, according the Huntington Bank, which is supplying part of the funds. The current structure dates from the 1930s and was a hospital for many years. In 2000, it was redeveloped as affordable seniors housing.
The expansion will add 42 units to the Lakewoods, which will also be geared to low-to moderate-income seniors. The development is slated for completion in the spring of 2011.
Detroit-based American Community Developers Inc., which redeveloped the property 10 years ago, is leveraging a $2 million federal Recovery Act Tax Credit Assistance Program (that is, the 2009 federal stimulus) loan as a bridge loan for the project. Huntington is supporting the project’s financing by providing more than $5 million in tax credit equity issued by the Ohio Housing Finance Agency.
Fenton, Mich.-based Independent Management Services will serve as property manager. The Area Office on Aging of Northwestern Ohio Inc. will serve as supportive services coordinator.
Beginning in July, Huntington began a program to invest about $100 million in affordable rental housing in Ohio over 30 months. The bank expects the initiative to create 1,300 new or remodeled apartments for about 3,000 low- to moderate-income Ohioans. Thus far Huntington has provided financing for five affordable rental housing projects totaling more than $31 million, which will create more than 200 units statewide.
“[The bank] understands the critical need for expanded access to affordable rental housing among all Ohio, particularly right here in Toledo,” said Sharon Speyer, Huntington Bank Northwest Ohio regional president, in a statement. “We are glad to be a part of the expansion of the Lakewoods that provides seniors with an affordable housing alternative.”