|Size||$37.5 Million of capital|
Originally built in 1973, Fairbank Apartments, a Section 8 property on 1 acre of land, consists of 121 units (106 one-bedroom and 15 two-bedroom) and one ground-level retail bay in a nine-story building. The property, which has a KeyBank branch on the ground floor, will have a Housing Assistance Payments (HAP) Contract covering 112 units for 20 years. The nine other units also will operate as tax-credit units. The property will remain encumbered by a:
- HAP use agreement;
- new bond regulatory agreement requiring 40% of the units be restricted to 60% of the area median income (AMI); and
- new LIHTC Land Use Restrictive Agreement (LURA) from the Connecticut Housing Finance Authority restricting 96 units to 60% AMI and 25 units to 50% AMI.
The New Haven Housing Authority issued the tax-exempt bonds.
Based in Irvine, Calif., CPP is an affordable housing rehabilitation company with more than 7,200 units throughout the U.S. Hampstead Development Partners, with offices in San Diego and Bethesda, Md., develops and repositions properties using conventional financing, bond financing, low-income housing tax credits, and historic tax credits with state and local participation
Jonathan Wittkopf of KeyBank’s CDLI team, Robbie Lynn of KBREC’s CMG team, and Victoria O’Brien and John-Paul Vachon of Key Community Development Corporation structured the financing. Sam Adams of KeyBanc Capital Markets’ Public Finance Group served as the bond underwriter.