From Schoolhouse to Senior Homes
Harvard Village is a storied 48-home senior housing community just outside of Cleveland, Ohio, in Cuyahoga County. Built in 1903 and originally a schoolhouse, the building is a designated historical site. It desperately needed roofing and exterior improvements to better serve the seniors that call Harvard Village home. It is the mission of Mercy Community Capital (MCC) to provide financing where conventional financing is not available or affordable. National Church Residences (NCR) requested and received a $1.2MM loan from us that will span five years, refinancing these homes so that seniors can age in place and in grace.
This is special to MCC because it strengthened, even further, an already strong relationship with NCR, as we both share a passion for supporting low-income communities to be healthy and vibrant. Not only will the exterior be improved, but funds are set aside for the interior to be refurbished when those improvements are needed for these one- and two-bedroom units.
With 16.8% of people 65 and older living below the poverty line in this county, communities like this are essential to help seniors and this deal directly serves a very vulnerable population. Cleveland Clinic and University Hospitals offer a variety of healthcare options in the county and being close to these vital resources makes it easier to have more routine, rather than emergency, doctor visits. Mercy Community Capital and National Church Residences value the insights, knowledge, and experience that seniors offer communities, and we are overjoyed to have the opportunity to foster a sense of belonging and support for them.