Maryvale Phase I
Angle Park Senior Residences are located in the affluent Buffalo, NY suburb of Orchard Park. Completed in 1997, Angle Park is a wood framed two-story new construction building. The project is comprised of 72 units divided between 62 one bedroom and 10 two bedroom units. Angle Park was financed using 9% LIHTC from DHCR, syndicated to KeyBank. A conventional first mortgage debt is in place with Enterprise Mortgage Co.
Maryvale Phase II
Located directly adjacent to Maryvale Phase I, Maryvale Phase II was constructed using steel and concrete block and was completed in 1991. The project is comprised of 104 units divided between 87 one bedroom and 17 two bedroom units. Maryvale Phase II was financed utilizing the tax-exempt bond program and 4% LIHTC. The project also received funding from HUD’s Community Development Block Grant (CDBG) and HOME Investment Partnerships Program (HOME).
Maryvale Phase I + II – Renovation & Recapitalization
In 2006, both Maryvale Phase I and II were renovated with tenants in place. At the time, the reconfigured 172-unit project required new windows, roofing, facility upgrades and modernization of the interior spaces. Renovation included significant energy improvements to all components of the building and units. DHCR provided 4% LIHTC, syndicated by WNC & Associates. Tax-exempt bonds were issued by the Kenmore, NY Housing Authority and were purchased directly by First Niagara Bank. The New York State Energy Research and Development Authority (NYSERDA) provided a loan for exceptional energy improvements at the property. In addition, the Town of Cheektowaga, NY provided a low interest loan to facilitate the renovation program.