KeyBank Provides $21M in Financing for Affordable Seniors Housing Project in Morrisville, New York

by Taylor Williams

MORRISVILLE, N.Y. — KeyBank has provided $21 million in financing for Community View Apartments, a 61-unit affordable housing project that will be located in Morrisville, about 30 miles southeast of Syracuse. The financing consists of a $9 million construction loan and $12 million in Low-Income Housing Tax Credit equity. Residences will serve renters age 55 and above that earn between 30 and 60 percent of the area median income. Roughly a third of the units will target individuals that were either formerly or are currently at risk of homelessness or have physical disabilities. John Paul Vachon and Kate De La Garza of KeyBank structured the financing. The sponsor is Christopher Community Inc., a nonprofit based in Syracuse.

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