Senior Housing Project Financed by KeyBank CDLI Receives Redevelopment of the Year Award in Cleveland

Rhea-AI Summary

KeyBank's investment in the Longfellow Senior Housing redevelopment project in Cleveland earns CoStar's 2023 Impact Award for Redevelopment of the Year. The project offers 80 new affordable apartments for seniors 62 and older, preserving the historic Henry W. Longfellow School building while providing modern amenities for residents.

Facility offers 80 new one-and two-bedroom affordable apartments for seniors 62 and older, preserved within Cleveland's the historic Henry W. Longfellow School

NORTHAMPTON, MA / ACCESSWIRE / April 4, 2024 / The Longfellow Senior Housing, an historic redevelopment in Cleveland's Collinwood community financed by KeyBank, has been awarded CoStar's 2023 Impact Award for Redevelopment of the Year in Cleveland. KeyBank Community Development Lending and Investment (CDLI) provided a $16.9 million investment, purchasing the housing and historic tax credits for the project. KeyBank also provided $8.8 million in financing towards construction.

The Longfellow offers 80 new one- and two-bedroom affordable apartments for seniors 62 and older, preserved within the historic Henry W. Longfellow School and a newly constructed building on the property. The site's redevelopment kept the original building's integrity while also providing modern amenities that enhance seniors' social, physical, and mental well-being.

For more than eight decades, the property was home to The Henry W. Longfellow Elementary School. However, the school faced demolition in 2011 until The Cleveland Restoration Society stepped in and had it become a designated historic landmark by the City of Cleveland, and thanks to Vesta Corporation's redevelopment project, Longfellow can continue to provide an essential service to the community.

From the creation of a usable senior-focused fitness center to the development of green spaces and community social areas, The Longfellow offers a unique living experience for seniors. Additionally, a wellness room was also included in the plan to provide a confidential on-site space where third-party healthcare providers can conduct examinations and provide essential healthcare services to Longfellow residents.

• Learn more about KeyBank's commitment to helping clients and communities thrive

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Contact Info:
Spokesperson: KeyBank
Website: https://www.3blmedia.com/profiles/keybank
Email: info@3blmedia.com

SOURCE: KeyBank

View the original press release on accesswire.com

FAQ

What is the name of the company mentioned in the press release?

KeyBank

What award did the Longfellow Senior Housing project win in 2023?

CoStar's 2023 Impact Award for Redevelopment of the Year in Cleveland

How many new apartments are offered in the Longfellow Senior Housing project?

80 one- and two-bedroom affordable apartments for seniors 62 and older

What was the total investment provided by KeyBank for the project?

$16.9 million investment in purchasing housing and historic tax credits, and $8.8 million in financing towards construction

What amenities were included in the redevelopment project for seniors' well-being?

Senior-focused fitness center, wellness room for healthcare services, green spaces, and community social areas

What was the original purpose of the Henry W. Longfellow School building?

Home to The Henry W. Longfellow Elementary School for over eight decades