Awbury View Apartments
Low Income Housing Tax Credits
LIHTC Construction, Equity, Freddie Mac TEL
KeyBank secured $28.2 million of capital for Community Preservation Partners East (CPP East) and Hampstead Development Partners to acquire and renovate an affordable housing property in Philadelphia. KeyBank Community Development Lending and Investment (CDLI) provided a $6.4 million 4% low-income housing tax credit construction loan, and KeyBank’s Commercial Mortgage Group secured a $21.8 million, fixed-rate Freddie Mac tax exempt loan. Additionally, Key Community Development Corporation (KCDC) provided $10.6 million of equity.
Built between 1924 and 1958 and renovated in 2004, Awbury View Apartments is a 125-unit Section 8 apartment complex consisting of 12 two-, three- and four-story buildings on a 3.6 acres of land. The property also includes three street-level commercial spaces. During the next 12 months, CPP East plans to invest $11 million of capital improvements into the property. The property, which received a new allocation of tax credits from the Pennsylvania Housing Finance Authority (PHFA) for the renovations, will remain encumbered by a Housing Assistance Payment use agreement at 50% of the area median income (AMI) for the subsidized units. The non-subsidized units will be restricted to tenants earning 60% of the AMI per the PHFA Indenture of Restrictive Covenants.
Based in Reston, Va., CPP East revitalizes, rehabilitates and preserves affordable housing communities throughout the United States. Hampstead Development Partners, based in San Diego, is a real estate development company specializing in redeveloping and repositioning affordable housing.