KeyBank is providing nearly $22 million in financing for a project that will convert the former Holley High School in Orleans County into Holley Gardens, with 41 units of affordable senior housing.
KeyBank provided a $9.9 million construction loan, $6.8 million in low-income housing tax credit equity and $5.1 million in historic tax credit equity. The adaptive reuse project will also create about 6,000 square feet of commercial space that will be leased to the Village of Holley.
The former school building closed in 1975. The Holley Gardens project, spearheaded by Home Leasing and Edgemere Development, is expected to take a year to complete.