Updated Sep 15, 2025
KeyBank Provides $19.5M Loan For Hawthorne Heights Affordable Seniors Housing Development In Gainesville
2420 Hawthorne Road
$19,500,000
Units
86
Asset Type
Development Site
Closing
Sep 11, 2025
About this deal
AI
The asset involved in this transaction is a development site located at 2420 SE Hawthorne Road, Gainesville. The project is set to include 86 units designated for affordable senior housing. The development will consist of five stories, incorporating units specifically reserved for special-needs residents and households whose earnings do not exceed 60% of the Area Median Income (AMI).
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $19,500,000
- Lender: KeyBank Community Development Lending and Investment & KeyBank Commercial Mortgage Group
- Landlord: Michael M. Ruane - National CORE
- Loan Type: Construction
- Loan Amount: $19,500,000
- Units Planned: 86
- Completion Date: November 2026
- Backed by: LIHTC equity and Florida Housing bonds
The transaction involves KeyBank providing a $13 million construction loan alongside a $6.5 million Freddie Mac permanent loan to National CORE for the Hawthorne Heights project. Michael M. Ruane represents National CORE in this development agreement.
On the Map
$19,500,000
Development Site
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Players
Gainesville Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.81%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93