KeyBank Real Estate Capital has provided $12.4 million in Federal Housing Administration financing for Cedar Court Apartments, a senior affordable housing community in Norwalk. The 91-unit property will designate at least 40 percent of its units for tenants earning below 60 percent of the area median income. In addition, the property will benefit from a Section 8 Housing Assistance Payments contract that will provide subsidized rents for 45 units.
Jeff Rodman of KeyBank”™s Commercial Mortgage Group and Kelly Frank of KeyBank”™s Community Development Lending and Investment group arranged the construction financing, which will be used to substantially rehabilitate the property at 92 Cedar St.
