Commodore Place Apartments
Overview
| Deal Type |
Construction Low Income Housing Tax Credits Agency Lending |
|---|---|
| Size |
$39.4 Million |
Summary
The rehabilitation of the Commodore Apartments was recently honored by the Advisory Council on Historic Preservation (ACHP) and the U.S. Department of Housing and Urban Development (HUD) with the 2023 ACHP/HUD Secretary’s Award for Excellence in Historic Preservation.
This annual award recognizes a single project that has successfully advanced the goals of historic preservation, while at the same time providing affordable housing for low- and moderate-income families and individuals.
In 2018, KeyBank Community Development Lending and Investment (CDLI) provided a total of $39.4 million in financing for the redevelopment and preservation of Commodore Place Apartments in Cleveland, OH. Specifically, KeyBank provided a $16.6 million LIHTC equity investment, an $11.6 million construction loan and an $11.1 million non-recourse, FHA 221(d)(4) first mortgage loan.
The 12-story, high-rise building was originally constructed in 1924 as a hotel and later converted into apartments in 1964, with renovations in 2008 and 2010. The 198-unit multifamily apartment complex features 23 studio, 142 one-bedroom and 33 two-bedroom units. A project-based Section 8 HAP contract provides rental assistance to 144 units for tenants earning between 30% and 60% AMI.
“Our partnership with The Community Builders, Inc. and University Circle demonstrates our commitment to creating and preserving affordable housing where we live and work,” said Rob Likes, president of KeyBank’s CDLI team.
“This redevelopment preserves and improves nearly 200 quality apartments for families of all incomes at the heart of University Circle. The Community Builders is thrilled to work with KeyBank and our local partners to preserve and enhance the historic Commodore Apartments and provide connections to opportunities in this thriving neighborhood,” said Terri Hamilton Brown, regional vice president of development, The Community Builders Midwest.
“The historic Commodore building is an important part of University Circle’s past, present, and future. University Circle Inc. is pleased to see The Community Builders Inc. and KeyBank Community Development Lending and Investment make a significant investment to preserve and enhance the building for the residents and retailers and add to the spectrum of housing choices that ensure University Circle remains an economically integrated and vibrant community,” said Chris Ronayne, president of University Circle Inc.
The building will be substantially rehabilitated, including replacement of the roof, elevator modernization, new fire alarm system installation, replacement of domestic water supply and waste plumbing, accessibility upgrades, and in-unit renovations, including upgrading the kitchens, baths, flooring and interior doors, among other items.
The financing was made possible by Ohio Housing Finance Agency, the City of Cleveland and The Community Builders.
