KeyBank Provides $14.2 Million in Total Financing for Preservation of Affordable Senior Housing in Buffalo

Jun 13, 2018 4:00 PM ET
Press Release

CLEVELAND, June 13, 2018 /3BL Media/ —KeyBank Community Development Lending & Investment (CDLI) has provided $14.2 million in construction financing for the renovation of Riverview Manor and Piotr Stadnitski Gardens in Buffalo, NY. The project will be developed in partnership with Smith and Henzy Advisory Group and MDG Design + Construction and is supported by existing project-based HUD Section 8 vouchers.

“KeyBank is deeply committed to expanding affordable housing across the country,” said Rob Likes, national manager of KeyBank’s CDLI team. “We are proud of our collaboration with organizations like MDG Design + Construction and Smith and Henzy Advisory Group to answer the affordable housing demand, especially the growing need for seniors housing.”

The two-building property is comprised of 210 one-bedroom units for seniors. Riverview Manor, a 12-story building, was built in 1977 and underwent renovations in 1989. Stadnitski Gardens, an 11-story building, was built in 1978. Both buildings are serviced by elevators.

“This project provides site-wide upgrades that will significantly improve the lives of Riverview Manor’s senior community and allow them to continue to comfortably and affordably age-in place. Keeping senior residents in their homes and providing minimal disruption to their daily lives is a priority,” said Michael T. Rooney, Sr., principal of MDG Design + Construction. “We are proud to work alongside our dedicated partners as we bring our expertise in preserving and developing high-quality, affordable housing to Buffalo for the first time.”

Kyle Kolesar of Key’s CDLI group arranged the financing. Additional funding was provided by Alliant Capital and New York State HFA.

About Key Community Development Lending/Investment

KeyBank Community Development Lending and Investment (CDLI) helps fulfill Key’s purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. Experts in complex tax credit lending and investing, Key is one of a handful of affordable housing lenders in the country with a platform that brings together balance sheet, equity, and permanent loan offerings. CDLI has a substantial investment and loan portfolio worth more than $2 billion, 90% of which is Low Income Housing Tax Credit (LIHTC) projects. For its ability to lend to, invest in, and serve its communities –especially low-to-moderate income communities – KeyBank has earned eight consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.

About KeyCorp

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $137.0 billion at March 31, 2018. Key provides deposit, lending, cash management and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.