DAYTON, Ohio — Related Affordable, the affordable housing division of Related Cos., has completed the renovation project at Biltmore Towers, an affordable seniors housing community in Dayton.
Partners on the project include St. Mary Development Corp., Ohio State Historic Preservation Office, City of Dayton, U.S. Department of Housing and Urban Development (HUD), Ohio Housing Finance Agency (OHFA) and Dayton/Montgomery County Port Authority.
Opening in 1929, Biltmore Towers was once considered one of the most prominent hotels in America, hosting the likes of John F. Kennedy and Elvis Presley. The property was converted into affordable apartments for seniors and disabled residents in 1980, then was added to the National Register of Historic Places in 1982.
Totaling more than 300,000 square feet, Biltmore Towers comprises 230 affordable apartments with a mix of one- and two-bedroom units, 15,000 square feet of commercial space, and 12,000 square feet of amenity space.
The two-year rehabilitation included structural renovations such as new roofing, façade repairs, and upgrades to the elevators, windows and plumbing, as well as extensive updates to each residence with new kitchens, bathrooms, flooring and lighting. Updated amenities include the renovation of the second-floor community areas including the former ballroom — which hosted musical acts from around the world — into a common gathering area, a new fitness center with cardio and physical therapy equipment, a barber salon, a flexible multi-purpose room, and new management and resident service coordinator offices.
Biltmore Towers units are reserved for seniors making up to 60 percent of the area median income (AMI), with commitments for affordability to extend an additional 30 years.
The senior lender for Biltmore Towers is Fannie Mae with KeyBank serving as the delegated underwriting servicer. The tax credit investment partner is Key Community Development Corp., an affiliate of KeyBank. Dayton/Montgomery County Port Authority issued tax-exempt bond financing for the project.
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