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equity and construction and permanent debt financing to make this property possible. Pennrose is also partneringwith local community development corporation NEST (Northsiders Engaged in Sustainable Transformation) to successfully integrate new residence. Jim Obergefell, husband of the late John Arthur, spoke highly of the property and its connection to Arthur’s life in a release. “I’m incredibly touched that NEST has chosen to remember and honor my late husband John in this way,” Obergefell said. “…I’m confident he would be honored to be remembered in this way, especially when this property benefits the oft- overlooked community of LGBTQ+ elders.”
property is conveniently located within walking distance of several dining and shopping establishments, as well as the McKie Community Center which offers fitness programs, entertainment and more for residents. John Arthur Flats will also boast several onsite amenities, including: • Fitness center
we have made it a priority to create innovative housing solutions to help address this issue,” In this new home, the elders of the LGBTQ+ community in Cincinnati can hope to live free of some of the inequities they have known in the past, and look forward with ease to the future. In addition to LIHTC equity, the Property will be financed with a $7MMconstruction toperm loan from Fifth Third Bank, a $1.25MM OHFA bridge loan, a $1MM soft HOME loan from the City of Cincinnati, a $448k soft loan from NEST (for the land contribution value), and a $523k FHLB grant that is structured as a GP contribution.
• Outdoor terrace • Laundry facility • Aforementioned supportive services
Signaling an understanding of the issues facing LGBTQ+ seniors in particular, Pennrose Principal and Senior Vice President Tim Henkel had this to say of John Arthur Flats: “LGBTQ older adults continue to face higher rates of poverty and housing discrimination, and
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The location of the
John Arthur Flat exterior renderings. The property is currently slated to open in 2022 in the Northside neighborhood of the Cincinnati, Ohio metro area.
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