Claysburg II Tower

Overview

Deal Type Private Placement
Size $21 Million
Private Placement Permanent Loan to finance acquisition and rehabilitation of Claysburg II Tower

Summary

Claysburg Tower II is an acquisition and rehabilitation of an existing 12-story, 229-unit residential building on 2.2 acres in Jefferson, Indiana, minutes from downtown Louisville, Kentucky. Built in 1979, Claysburg Tower II is a Project-Based Section 8 Senior & Disabled property, rent restricted at 60% AMI under the LIHTC program, providing much-needed units in an area where the affordable housing is virtually 100% occupied. The project is financed with 4% tax credits awarded by Indiana Housing & Community Development Authority (IHCDA), tax-exempt bonds issued by IHCDA, construction and permanent financing provided by KeyBank, and tax credit equity provided by National Equity Fund.

Acquired by Steele Properties, Claysburg Tower II will receive more than $59,000 per unit in hard cost renovations. Each unit will receive full flooring, cabinet and countertop replacement, updated energy-efficient kitchen appliances, new bathroom fixtures and toilets, and LED lighting. Exterior upgrades will include parking lot and sidewalk repair, ADA upgrades, new exterior LED lighting, new windows and sliding patio door replacements. Common areas and amenities, including the lobby, managers’ offices, community room and laundry room will be refurbished. Picnic tables and a community pavilion are among the new features, as well as fully upgraded fire alarm and emergency call systems and back-up power generator.

Principal of Steele Properties, Chad Asarch shares, “We believe everyone deserves a safe, decent and clean place to live regardless of income, age or ability. We are looking forward to improving the lives of the Claysburg Tower II residents and the Jeffersonville community. Claysburg Tower II needs a substantial renovation and thanks to our continued partnership with HUD, IHCDA, KeyBank, NEF, and the City of Jeffersonville, we will be able to give the residents an all-encompassing renovation so they will be proud to call Claysburg Tower II home, now and for many years to come.”

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