Apartment project for seniors receives $10.8M loan

Posted 12/8/18

VERONA — KeyBank Community Development Lending & Investment (CDLI) provided a $10.8 million construction loan to support the Jason Gwilt Memorial Senior Apartments, a converted public school in …

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Apartment project for seniors receives $10.8M loan

Posted

VERONA — KeyBank Community Development Lending & Investment (CDLI) provided a $10.8 million construction loan to support the Jason Gwilt Memorial Senior Apartments, a converted public school in Verona, that will make 50 units of affordable seniors housing and a senior center available to the community. 

The Jason Gwilt Memorial Senior Apartments will be reserved for senior citizens making up to 50 percent of the area median income (AMI).

Fifteen of the 50 units will be set aside for homeless frail elderly, who will receive services through Governor Cuomo’s Empire State Supportive Housing Initiative funds made available through New York State Homes and Community Renewal (HCR).

“KeyBank is dedicated to supporting the construction and preservation of safe, decent affordable housing in the communities we serve across the country,” said Rob Likes, national manager of the CDLI team.

“The Jason Gwilt Memorial Senior Apartments project offered an opportunity to serve seniors in need, and we were proud to provide the financing to make the redevelopment possible,” Likes added.  

In addition to KeyBank’s construction loan, HCR provided Low-Income Housing Tax Credits (LIHTC) that will generate more than $10 million in equity for the project, and $5.2 million in low interest long-term mortgages.

The City of Oneida Housing Authority provided $430,000 in project funds and the New York State Energy Research and Development Agency (NYSERDA) provided $50,000 in energy saving equipment. 

Joseph Eicheldinger and Gregory Kiger on KeyBank’s CDLI team arranged the financing.

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