Andrews Terrace, a 526-apartment building complex on Rochester's waterfront provides housing for low-income senior (62+) and disabled residents
NORTHAMPTON, MA / ACCESSWIRE / January 22, 2024 / KeyBank Community Development Lending and Investment (CDLI) in partnership with the Urban Investment Group (UIG) within Goldman Sachs Asset Management, invested $135.6 million of 4% Federal LIHTC Equity and provided a $200 million construction loan for the planned renovation of Andrews Terrace, in Rochester, New York. Additionally, KeyBank Commercial Mortgage Group closed $73.1 million Fannie MTEB and KeyBanc Capital Markets underwrote $163 million of tax-exempt bonds for this project. Conifer Realty, LLC (Conifer), a Rochester based nationally ranked, full-service real estate company specializing in the development, construction, management, and ownership of high-quality, affordable housing communities, is partnering with Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer,, on this project.
This iconic 526-apartment building complex on Rochester's waterfront provides housing for low-income senior (62+) and disabled residents and their families.
"KeyBank has had a steadfast commitment helping the clients and communities we serve thrive," said Rob Likes, President of KeyBank's CDLI team. "We are deeply committed to helping underserved populations and are proud to partner with Conifer Realty and Community Preservation Partners to renovate, safe and decent affordable housing for low-income seniors and disabled residents."
"We are excited to partner with Conifer Realty and Community Preservation Partners to revitalize Andrews Terrace, which provides a critical supply of affordable housing to Downtown Rochester. Our investment will help existing and new residents access safe, affordable housing and critical on-site services. We look forward to the lasting impact on the community of this next chapter in Andrews Terrace's nearly 50-year history," said Scott Maxfield, a Managing Director in the Urban Investment Group within Goldman Sachs Asset Management.
The capital investment will have significant impact on the community and its residents as it preserves a much-needed affordable housing asset that sits within historical nexus of redlining and disinvestment within downtown Rochester . This iconic 526-apartment building complex on Rochester's waterfront built in 1975, and located at 125 St. Paul Street, Andrews Terrace consists of two 19- to 22-story elevator-served residential buildings containing 526 studio, one-, and two-bedroom apartments. Preservation of this unique 557,602 square-foot downtown development, designed in the "brutalist" architectural style, will complement Rochester's ROC the Riverway Program, a unified plan which includes dozens of transformational projects along the Genesee River to revitalize and leverage public and private investment that support critical community infrastructure and spur economic development and job creation. In recent years, the development has faced capital repair and maintenance challenges beyond what the operating budget could cover. In response to this, Andrews Terrace will receive extensive renovations estimated at $101 million, with a total project investment of approximately $335 million.
Most of the residents benefit from rental payment assistance under an existing Section 8 Housing Assistance Payment (HAP) contract, Andrews Terrace currently has 496 of its apartments reserved for residents earning an Average Medium Income (AMI) of 50% or less, with 30 apartments set at 60% or less of AMI. In addition to the extensive renovations and in unit improvements on site there is also an extensive resident focused social services program. The supportive service plan provides two (2) full time service coordinators on site who will be available to provide referrals to agencies such as LIHEAP (provides assistance to residents for payment of utilities), and other assistance programs to address food scarcity like food stamps and food banks. In addition, will plan and coordinate holiday events, implement support systems and design activities that appeal to the residents.
"We are grateful for KeyBank's investment and commitment to creating high-quality, affordable housing communities, "said Vice President of CPP East, John Fraser. "Like many communities we serve across the nation, there is a significant need for affordable housing in Rochester, so we're excited to preserve this iconic affordable housing development for years to come. "
"KeyBank and Goldman executed flawlessly on the financing," said Ari Shachter, Director of Acquisitions, and project lead for Conifer. "We appreciate the depth and breadth of Key's financing capabilities which were needed for the project. Andrews Terrace is a landmark and an important part of the community."
All apartments will receive considerable kitchen upgrades including new countertops, painting, new appliances, fixtures, and cabinets. Bathrooms will also be refurbished with the installation of new fixtures, vanity, and wainscotting. Once completed, 5% of the community's apartments will be brought into ADA compliance.
Common areas, including the lobby, community room, management office, maintenance shop, and parking garage, will be renovated with drywall repairs, painting, new flooring, and HVAC upgrades, as needed.
There will also be several new outdoor additions to the community including a community garden on the property's terrace, grandparents' playground, a seating and grilling area, and bocce ball courts. Indoor amenities will include a fitness room, game room, reading nook, and two community rooms with serve-in kitchens. New mailboxes with parcel boxes will also be installed.
Additionally, elevators and electrical and plumbing systems will be upgraded. The building's signature cantilevered balconies and connecting outdoor breezeways will be fully restored and upgraded with new finish coating, bringing them back to their historical glory. Windows and select doors will be replaced, and the façade will receive concrete and masonry repairs.
Eric Steinberg, Jonathan Wittkopf, Anna Belanger, Robbie Lynn, and Celia Smoot of KeyBank CDLI arranged the debt and equity financing for the project. Sam Adams of KeyBanc Capital Markets underwrote the bonds.
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