Weatogue, Conn. (June 2, 2021)– Vesta Corporation (Vesta), a leading real estate firm specializing in the acquisition, development and management of multi-family affordable housing communities, secured financing and will celebrate the groundbreaking of The Longfellow, an affordable senior housing community on the nationally recognized historic site of the Henry W. Longfellow School in Cleveland, Ohio on June 24, 2021 at 1:00 PM. The Longfellow will create 80 new affordable senior apartment units, spread between the historic rehabilitation of the existing Henry W. Longfellow School and a newly constructed building on the property. Vesta’s vision for the site is to preserve the school building by adapting the classrooms into 30 apartments and refurbishing the auditorium and other prominent features as common space for residents and staff. The redevelopment plan also includes the construction of a new building on site with an additional 50 apartments and a connecting walkway providing residents easy access to features in both buildings without exposure to inclement weather and slippery sidewalks. The end result will preserve The Longfellow’s unique architectural features and repurpose the property into a community that will serve as a long-lasting source of high-quality affordable housing for years to come.

“We are incredibly excited to celebrate this momentous groundbreaking after many years of hard work and commitment to fulfilling an essential need for high-quality affordable housing in the community,” said Aaron Greenblatt, Counsel for Vesta Corporation.

The Longfellow has widespread community support, including the Dean of Cleveland City Council, Ward 8 Councilman, Michael D. Polensek, the City of Cleveland, the Cleveland Restoration Society, the Greater Collinwood Development Corporation and other local stakeholders. The Longfellow revival will completely transform the property and spearhead future development in the area.

“Having lived in the community my entire life, I understood, all too well, the historical significance of the Henry W. Longfellow school,” said Ward 8 Councilman, Michael Polensek. “When I picked up this geographical area with the most recent Council redistricting, I made it my personal commitment to landmark the vacant building and to work toward a redevelopment plan. Vesta Corporation met all of our prerequisites and put forth a true restoration plan to save this critical property for our community. On behalf of the City of Cleveland and the 8th Ward, we look forward to working with Vesta to create a truly unique senior housing community at ‘The Longfellow.’”

Vesta Corporation is collaborating with Marous Brothers Construction to develop The Longfellow. Financing for the development includes 9% LIHTC with a 4% LIHTC bond reservation, Federal Historic Tax Credits, State Historic Credits, HUD 202 PRAC Grant, City of Cleveland HTF Loan, OHFA HDAP Loan, HUD First Mortgage, and a sponsor loan all totaling $23.5 million. Vesta brings years of experience in the development of affordable senior communities, including the completion of a redevelopment in Mayfield Heights, Ohio that was the first SPRAC 9% tax credit award in 2016

Author: ross