Walnut Court Celebrates Grand Opening
August 30, 2016 - Walnut Court, the renovation of a single, three-story 30-unit building housing seniors, recently celebrated its grand re-opening with a ribbon cutting ceremony. The $7.7 million project, located in Cincinnati, Ohio, provides 21 one-bedroom and 9 two- bedroom homes for seniors. Episcopal Retirement Services, Inc. is the developer and manager of the project, with Model Construction LLC serving as the contractor.
Walnut Court features on-site management, a new community room, laundry facilities, elevators, fitness center, wellness center, and picnic area. The facility offers a variety of services and amenities to the residents including transportation for shopping and banking. A service coordinator assists the residents with educational programs, coordinating volunteer opportunities, and creating links with outside service agencies to support the residents. Each home features new appliances, carpet or ceramic tile flooring, central air conditioning, window blinds, pantries, ceiling fans, E-Call buttons and intercoms.
Walnut Court was developed using a combination of Low Income Housing Tax Credits, Tax Exempt Bonds (underwritten by Red Capital Markets), Housing Development Assistance program funds and an RTCAP loan administered through the Ohio Housing Finance Agency (OHFA), seller financing, and City of Cincinnati HOME funds provided through Episcopal Retirement Services. Equity investment was provided by Ohio Capital Corporation for Housing.