Westerly III Grand Re-Opening
Westerly Apartments III, the historic rehabilitation of a single, 15-story 179-unit building, housing seniors, recently celebrated its grand re-opening with a ribbon cutting ceremony. The $19 million renovation is the first completed phase of an existing three-phase development with a total of 492 units in downtown Lakewood, Ohio. Lakewood Senior Citizens Inc., and Cleveland Housing Network are the developers of the project.
The rehabilitation of Westerly Apartments III features on-site management, a community room, business center, laundry facilities, elevators, library, on-site senior center, dining room with meal service, gift shop, game room, beauty salon, storage, exercise room, and parking. The on-site senior center offers a variety of services and amenities to the residents including transportation, banking, food delivery, shopping trips, wellness visits, and much more. Each apartment home features new appliances, carpet, central air conditioning, window blinds, and an intercom.
Westerly Apartments III was developed using a combination of Low Income Housing Tax Credits, Tax Exempt Bonds (underwritten by the Sturges Company), , Housing Development Assistance program funds and a Housing Development loan administered through the Ohio Housing Finance Agency (OHFA), Historic credits through the State Historic Prservation Office, a predevelopment loan through the Ohio Capital Finance Corporation, County HOME funds provided through Lakewood Senior Citizens, and HUD insured funding through Forest City Capital Corporation. Equity investment was provided by Ohio Capital Corporation for Housing.