Jonathan Rose Announces Revamp of Ohio Seniors Housing

Jonathan Rose Companies and Community Opportunity Fund, a nonprofit focused on expanding affordable housing and connecting residents to opportunity, announced plans for a comprehensive $32.8 million rehabilitation of Ashtabula Towers, a 202-unit affordable senior housing community in Ashtabula, Ohio.

The project represents a significant reinvestment in a longstanding community asset, with updates designed to enhance resident comfort and accessibility, improve sustainability and preserve quality affordable housing. “Ashtabula Towers has been a cornerstone of the community for decades, and these investments in sustainability, social impact, and housing quality will help to ensure its long-term preservation,” said Scott Frye, Senior Director, Acquisition and Rehabilitation at Jonathan Rose Companies.

KeyBank Community Development Lending and Investment is serving as both investor and permanent lender, with additional financing provided through tax-exempt bonds issued by the Ashtabula City Port Authority and tax credits allocated by the Ohio Finance Agency.

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