Financing has been arranged for the development of an affordable senior housing community in Gainesville, Florida.
KeyBank Community Development Lending and Investment (CDLI) announced it is providing a $13 million construction for Hawthorne Heights, an 86-unit development by nonprofit National CORE.
KeyBank Commercial Mortgage Group (CMG) also arranged a $6.53 million Freddie Mac permanent loan for the project.
Hawthorne Heights will feature three apartments for households earning 22% of the area median income (AMI), nine apartments for households earning 40% or below the AMI, and 74 apartments for households earning 60% or below the AMI. In addition, five homes will be set aside for individuals with special needs.
Other funding partners include Florida Housing Finance Corp. and Red Stone Equity Partners, which is providing low-income housing tax credit equity. Housing credits and bonds were allocated by the Florida Housing Finance Corp. The property qualifies for real estate tax abatement, which provides tax exemption for nonprofit-owned properties that commit to using it for providing affordable housing for at least 99 years.
Hawthorne Heights will feature a community room, a covered terrace, a clubhouse, a fitness center, and a business center.
Matthew Haas and Cathy Danigelis of KeyBank CDLI structured the financing. Hector Zuniga Jr. and Rod Reynolds of KeyBank CMG arranged the permanent loan.