KeyBank providing nearly $22 million in financing for Holley’s former school project
Press Release, KeyBank
HOLLEY – KeyBank Community Development Lending & Investment has provided $21.9 million in total financing to Home Leasing, LLC for the historic preservation and creation of affordable housing in the former Holley High School in Holley.
KeyBank provided a $9.9 million construction loan, plus $6.8 million in Low-Income Housing Tax Credit equity and $5.1 million in Historic Tax Credit equity.
Holley Gardens is an adaptive re-use project that will preserve the former Holley High School and transform it into a mixed-use and mixed-income property offering 41 units of housing for low- to moderate-income seniors. There is also 6,080 square feet of planned commercial space leased to the Village of Holley. The community is located within steps of the local library, restaurants and services. The project breaks ground today in a preservation celebration.
“KeyBank is proud to partner with Home Leasing and Edgemere Development to preserve and transform Holley High School into this mixed-use space,” said Rob Likes, national manager of the CDLI team. “Importantly, the preservation celebration demonstrates our commitment to making safe and decent affordable housing available in the communities we serve.”
“Our mission at Home Leasing is to improve the lives of residents in the communities in which we work,” said Nelson Leenhouts, Chairman & CEO of Home Leasing. “KeyBank’s partnership, along with broad community support will establish Holley Gardens as a welcoming, thriving senior community in the heart of the Village of Holley.”
Upon completion, there will be a total of 41 multi-family units ranging from studio, one- and two-bedroom apartments targeting seniors at rent levels at or below 30%, 50%, 60% and 80% area median income levels. Seven of the units will be available for households where at least one member is a person with a physical disability who will have access to supportive services through the Orleans County Office on Aging.
“KeyBank’s CDLI team is committed to making more affordable housing options available across the country,” said Jaime Tuozzolo, vice president and senior relationship manager on KeyBank’s CDLI team. “The preservation of local space like the former Holley High School is critically important to this effort. The local support for this development was impressive. We are honored to celebrate the commencement of Holley Gardens with our partners today.”
Tuozzolo worked on the financing with Ryan Olman, vice president and senior relationship manager on KeyBank’s CDLI team.
Additionally, New York State Homes and Community Renewal has provided a $3.1 million Housing Trust Fund loan, a $1 million Community Investment Fund loan and a total of $668,515 in annual tax credits to support the Holley Gardens project. New York State Empire State Development has provided a $1 million RestoreNY grant.