Grace West Manor Apartments
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KeyBank Real Estate Capital provided $64 million through FHA’s 223(f) insurance program to refinance and rehabilitate Grace West Manor Apartments, an affordable seniors and multifamily housing property in Newark, NJ.
Built in 1978, the Project-Based Section 8 property is comprised of one, 12-story, 324-unit building reserved for individuals aged 62 and older and 21, two-story garden-style apartments, totaling 105 multifamily units.
Ed Foulon of Key’s Commercial Mortgage Group arranged the fixed-rate financing with a 35-year amortization schedule. The New Jersey Housing and Mortgage Finance Agency provided the LIHTC funding.