
KeyBank Community Development Lending and Investment (CDLI) facilitated a $27 million construction loan and coordinated a $14.4 million Private Placement permanent loan to support the transformation of the First & Market office building. This redevelopment project will introduce 93 affordable senior housing units in downtown Pittsburgh, incorporating accessibility features, sustainable design practices, and convenient access to public transportation, healthcare, and other urban amenities.
Beacon Communities, the project’s sponsor, recently held a groundbreaking ceremony. This initiative aligns with Pittsburgh’s broader strategy to repurpose underutilized office spaces into much-needed low-income housing, addressing the scarcity of such accommodations in the downtown area.
The housing development will exclusively serve seniors aged 62 and older, with all 93 units backed by a Section 8 Project-Based Voucher HAP contract through the Housing Authority of the City of Pittsburgh. The agreement designates 83 units for individuals earning up to 50% of the area median income (AMI), while the remaining 10 units will be set aside for those at 20% AMI. Additionally, 28 units will comply with Uniform Federal Accessibility Standards (UFAS), with five allocated to residents at 20% AMI and 23 at 50% AMI.
Beacon Residential Management will oversee property operations and coordinate resident services on-site. A dedicated resident services coordinator will work alongside community resource organizations to assist residents with rental support, food access, and transportation needs. Additional services tailored to senior residents will include technology and health education, social activities, healthcare coordination, financial literacy programs, and mental and behavioral health support.
The financing for this project was arranged by Seaver Rickert of KeyBank Community Development Lending and Investment and Leslie Meyers of Key’s Commercial Mortgage Group.
Beacon Communities, the project’s sponsor, recently held a groundbreaking ceremony. This initiative aligns with Pittsburgh’s broader strategy to repurpose underutilized office spaces into much-needed low-income housing, addressing the scarcity of such accommodations in the downtown area.
The housing development will exclusively serve seniors aged 62 and older, with all 93 units backed by a Section 8 Project-Based Voucher HAP contract through the Housing Authority of the City of Pittsburgh. The agreement designates 83 units for individuals earning up to 50% of the area median income (AMI), while the remaining 10 units will be set aside for those at 20% AMI. Additionally, 28 units will comply with Uniform Federal Accessibility Standards (UFAS), with five allocated to residents at 20% AMI and 23 at 50% AMI.
Beacon Residential Management will oversee property operations and coordinate resident services on-site. A dedicated resident services coordinator will work alongside community resource organizations to assist residents with rental support, food access, and transportation needs. Additional services tailored to senior residents will include technology and health education, social activities, healthcare coordination, financial literacy programs, and mental and behavioral health support.
The financing for this project was arranged by Seaver Rickert of KeyBank Community Development Lending and Investment and Leslie Meyers of Key’s Commercial Mortgage Group.