The 76-Unit Community Located Adjacent to the Village Green Shopping Center and the Cornerstone Senior Apartments Will Create a Mixed-Age Neighborhood
The NRP Group, a vertically-integrated, best-in-class developer, builder and manager of multifamily housing, today announced it has broken ground on The Residences at Cornerstone, a 76-unit affordable housing apartment community in the Euclid-Green neighborhood on Cleveland’s East Side.
The Residences at Cornerstone, located at 18231 Euclid Avenue, builds on the success of the first phase of the development, Cornerstone Senior Apartments, a 50-unit community for seniors completed in 2009. With the addition of the Residences at Cornerstone, the final product will be an inclusive, mixed-age community that furthers the economic rebirth of the neighborhood.
Thanks to its location next to Duggan Park, which recently underwent a multimillion-dollar renovation, residents of The Residences at Cornerstone will have access to basketball courts, a baseball field, an outdoor pool, water play area, open green space, a pavilion and walking trails. A Save-A-Lot grocery store and Village Green shopping center are located adjacent to the site.
The development itself will include amenities such as community space with a kitchen, homework room with computer stations and internet access, fitness room, laundry facilities and resident storage on every floor.
“A true community requires a sense of comfort, convenience and engagement with the social fabric of the neighborhood in which it is located,” said Aaron Pechota, senior vice president of development at The NRP Group. “The Residences at Cornerstone brings all of these advantages to our residents and perfectly aligns with NRP’s strategy to enhance the neighborhoods where we develop.”
The community is a 9-percent LIHTC project that will contain a mix of one-, two-, and three-bedroom apartment homes. Eight units will be set aside for residents earning 30% or less of the area median income, eight units will be set aside for residents who qualify for the HUD 811 program and sixty units will be set aside for residents earning 60% or less of the area median income.
Kyle Kolesar and Ryan Olman of KeyBank’s Community Development Lending and Investment (CDLI) team paired $11.7 million in LIHTC equity with an $8.3 million KeyBank construction loan and a $2.5 million Freddie Mac permanent loan.
“Through our integrated platform, KeyBank is able to provide our clients with unique financing solutions that meet their individual needs,” said Ryan Olman, senior relationship manager, KeyBank CDLI. “We are proud to partner with The NRP Group, another Cleveland based organization, as we strive to revitalize the community where we live and work.”
Residents will benefit from the project’s partnership with First Year Cleveland, a city and Cuyahoga County-backed group charged with reducing the region’s infant mortality rate. The program will include resident education touching on prenatal health, maternal health, emergency rental assistance, fatherhood initiatives, safe sleep practices, breastfeeding support, and smoking or drug cessation.
The Residences at Cornerstone is scheduled for completion in 2021.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has delivered more than 35,000 apartment homes, and currently manages over 19,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income.
Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market-rate, affordable, and senior housing. As a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and recognized Top 25 Developer by Multifamily Executive, NRP is leveraging its decades of practice by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.
About Key Community Development Lending/Investment
KeyBank Community Development Lending and Investment (CDLI) helps fulfill Key’s purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. Experts in complex tax credit lending and investing, Key is one of a handful of affordable housing lenders in the country with a platform that brings together balance sheet, equity, and permanent loan offerings. For its ability to lend to, invest in, and serve its communities – especially low-to-moderate income communities – KeyBank has earned nine consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.
