KeyBank Provides $37.5M in Financing for Affordable Seniors Housing Property in Connecticut
NEW HAVEN, CONN. — KeyBank has provided $37.5 million in financing to Community Preservation Partners (CPP) and Hampstead Development Partners for the acquisition and renovation of an affordable seniors housing property in New Haven. Originally built in 1973, Fairbank Apartments, a Section 8 property situated on one acre of land, consists of 121 units (106 one-bedroom and 15 two-bedroom) and one ground-level retail bay in a nine-story building. KeyBank operates a branch out of the retail space. KeyBank’s Community Development Lending and Investment (CDLI) and KeyBank Real Estate Capital’s (KBREC’s) Commercial Mortgage Group (CMG) worked together to provide $12.5 million of low-income housing tax credit equity, a $6 million equity bridge loan, an approximately $19 million public bond offering and $19 million of Fannie Mae tax-exempt bond collateral. Robbie Lynn of KBREC’s CMG team, and Victoria O’Brien and John-Paul Vachon of Key Community Development Corp. structured the financing.