Loan Amount: $4,950,000
Developer: LF Gateway Housing, Inc.
The Gateway Apartments is a proposed 120-unit multifamily development providing 120 affordable housing units (100% of total) restricted to tenants with household incomes not exceeding 60% of the area median income, featuring a mix of one and two-bedroom units in a six-story building for seniors 55+. It targets senior households, offering stability through affordable rentals and supportive services in a community setting. The property is unique for its urban high-rise design in a high-cost area, emphasizing senior-specific needs with reduced maintenance requirements.