KeyBank Arranges $10.6M Construction Financing for Affordable Seniors Housing Community in Cincinnati
CINCINNATI — KeyBank Community Development Lending and Investment (CDLI) has arranged $10.6 million in financing for construction of Walnut Hills Senior Campus in Cincinnati. The Model Group is redeveloping the property, formerly known as The Manse Apartments, as a 60-unit Section 8 apartment complex for seniors and the disabled. The property site consists of the historic Manse Hotel and Annex, which will be renovated, as well as a vacant duplex, triplex and mixed-use property that will be demolished and replaced with a four-story building. The project will consist of studios and one-bedroom units restricted to seniors earning up to 60 percent of the area median income. Additional financing was provided by the Ohio Housing Finance Agency, City HOME Funds, a grant from the Federal Home Loan Bank of Cincinnati and a donation from KeyBank. Ohio Capital Corp. for Housing was the equity investor. Kelly Frank, Greg Deeks and Laura Janosko of Key’s CDLI team arranged the financing. The lender was not disclosed.