KeyBank said it will provide $12 million construction loan to help develop the Niagara City Lofts in Niagara Falls.
The adaptive reuse project will convert the former South Junior High School into 61 loft apartments and a new commercial community space. The leasing plan calls for setting aside 11 units for rent by special-needs households, including veterans.
The loan’s recipient is an entity owned by CB Emmanuel Realty LLC. Niagara City Lofts is funded in partnership with the New York State Housing and Community Renewal division, Empire State Development Corp. and RBC Tax Credit Equity.