Wednesday, April 24, 2024 | St. Lawrence County, NY
GOUVERNEUR -- A nearly $30 million project at Cambray Courts in Gouverneur will replace 72 garden-style senior apartments with a new four-story building, according to KeyBank, which has arranged …
This item is available in full to subscribers.
To continue reading, you will need to either log in to your subscriber account, or purchase a new subscription.
If you are a digital subscriber with an active, online-only subscription then you already have an account here. Just reset your password if you've not yet logged in to your account on this new site.
Otherwise, click here to view your options for subscribing.
Please log in to continue |
GOUVERNEUR -- A nearly $30 million project at Cambray Courts in Gouverneur will replace 72 garden-style senior apartments with a new four-story building, according to KeyBank, which has arranged financing.
Cambray Court Apartments will provide services for tenants in need of in-home care, with a preference given to the frail elderly and veterans. Fifty-two of the 71 units will be set aside for those earning 30-50 percent or less of the area median income; 13 units will be set aside for those earning at or below 60 percent of the area median income; five units will be set aside for those earning 80 percent of the area median income; and, one unit will be set aside for those earning 90 percent of the area median income.
The re-development will replace 72 flood-threatened garden style apartments with one accessible four-story energy efficient building, according to a press release from KeyBank.
The property meets a high demand for affordable senior housing, where 13 percent of the population is 65 or older and 25 percent are living in poverty.
To accomplish the task KeyBank will provide a $30 million finance package.
KeyBank announced its total investment of $28.67 million in the Cambray Court Apartments, a 71-unit affordable housing project re-developed in partnership with Omni Housing Development LLC and managed by United Helpers to support seniors in St. Lawrence County.
"We are providing much needed housing for seniors, an often underserved community across the nation and one that is in need across St. Lawrence County,” said Robert Likes, national manager of Key’s Community Development Lending/Investment platform.
In addition to Omni Housing Development and United Helpers, the rehabilitation involves Beardsley Architects and Engineers and Bette & Cring Construction Group.
KeyBank provided $8.86 million of equity through Low Income Housing Tax Credits, $1.39 million in State Low Income Housing Tax Credits, a $9.91 million bridge loan, and a construction loan in the amount of $8.49 million. New York State Homes and Community Renewal (HCR) provided $1.8 million in Housing Trust Fund monies and allocated the Tax Credits.
