Multifamily Rate Sheet

KeyBank Community Development Lending & Investment provided $93 million in capital for the new construction and permanent financing of Caravel Apartments, a 234-unit senior affordable housing project in Columbus, Ohio. All 234 units will serve senior citizens earning no more than 60% of the area median income (AMI). Supportive services will be offered to residents through a service coordinator who will provide guidance and linkage to community service providers, assistance with food resources, financial fitness workshops, and credit/budgeting counseling sessions. We want to thank Kittle Property Group for its sponsorship and shared mission to build much-needed affordable housing in Ohio.

The financing includes a $43.2 million construction loan, $23.7 million in LIHTC equity, a $26.1 million Fannie Mae MTEB, and $37.8 million in tax-exempt bonds underwritten by KeyBanc Capital Markets.

KeyBank Community Development Lending & Investment provided $67.5 million in capital for the new construction of Redmond Landing Apartments, a 156-unit affordable housing project in Redmond, Oregon. All 156 units will serve families and individuals earning 60% of the area median income (AMI). The property will feature a community room for residents and is close to many critical neighborhood services such as grocery stores, healthcare sites, and a public library. We want to thank Southport for its sponsorship and shared mission to build much-needed affordable housing in Oregon.

The financing includes a $42 million construction loan, a $25 million Fannie M.TEB permanent loan, and $31.5 million in tax-exempt bonds underwritten by KeyBanc Capital Markets.

KeyBank Community Development Lending & Investment provided a $5 million term debt facility investment to the CDP Connecticut Loan Fund, a non-profit CDFI in Bridgeport, Connecticut. CDP operates as the Connecticut Small Business Boost Fund and is a loan program created to address the capital needs of the small businesses and nonprofit organizations of the state of Connecticut as they continue emerging from the heart of the COVID-19 pandemic and seek to propel their communities forward. The effort targets under-resourced and under-banked communities, with a goal of reaching Connecticut’s most fiscally and economically distressed municipalities. We want to thank the CDP Connecticut Loan Fund for its commitment and for making a difference in Connecticut’s communities.

KeyBank Community Development Lending & Investment provided $96.1 million in total capital for the new construction and permanent financing of Residences at Pearsall Park, a 237-unit senior affordable housing project in San Antonio, Texas. All 237 units will serve senior citizens earning 30% – 60% of the area median income (AMI). Supportive services will be offered to residents and will include adult education programs, financial literacy and planning, homebuyer education, health screening, and social events/recreation. We want to thank Lincoln Avenue Capital for its sponsorship and shared mission to build much-needed affordable housing in Texas. KeyBank Real Estate Capital would like to express its appreciation for the partnership with San Antonio Housing Trust and Fannie Mae.

The financing includes a $46.4 million construction loan, $26 million in LIHTC equity, and a $23.7 million Fannie Mae M.TEB forward commitment for permanent financing. KeyBanc Capital Markets served as bond underwriter for the 4% capital transaction and led the bond sale of $31.95 million of tax-exempt private activity bonds issued by the San Antonio Housing Trust Public Facility Corporation.

KeyBank Community Development Lending & Investment provided $22.4 million in capital for the acquisition and rehabilitation of The Arch at Saint Michael, an existing 46-unit senior affordable housing building in Cleveland, Ohio. All 46 units will serve senior citizens earning 40% – 60% of the area median income (AMI). Supportive services will be offered to residents and will include health and wellness support, home management, financial literacy classes, transportation, and social/recreation activities. We want to thank CHN Housing Partners and Ohio Capital Corporation for Housing for its sponsorship and shared mission to preserve much-needed affordable housing in Ohio.

The financing includes a $7.3 million construction loan and a $7.3 million prop investment.

KeyBank Community Development Lending & Investment provided $15.4 million in capital for the new construction of Saddle Creek Village, a 72-unit affordable housing project in Houston, Texas. All 72 units will serve families and individuals earning 30% – 60% of the area median income (AMI). Supportive services will be offered to residents and will include shuttle services, an after school learning center with tutoring, on-site job training, financial literacy classes, a food pantry, and exercise classes. We want to thank Stewardship Development LLC for its sponsorship and shared mission to build much-needed affordable housing in Texas. The financing includes a $15.4 million construction loan.

KeyBank Community Development Lending & Investment provided $16.3 million in capital for the new construction of Lincoln Place II, a 30-unit permanent supportive housing project in Vancouver, Washington. All 30 units will serve families and individuals who have experienced or are experiencing homelessness and earning no more than 30% – 50% of the area median income (AMI). Supportive services will be offered to residents by Share and will include case management, life skills workshops, self-help and peer support groups, and access to residential activities. We want to thank the Vancouver Housing Authority for its sponsorship and shared mission to build much-needed supportive affordable housing in Vancouver. The financing includes a $7 million construction loan and $9.3 million in Low Income Housing Tax Credit (LIHTC) equity.

KeyBank Community Development Lending & Investment provided $10.7 million in capital for the new construction of El Milagro III, a 40-unit affordable housing project in Twin Falls, Idaho. All 40 units will serve families and individuals earning 30% – 60% of the area median income (AMI). The property will feature amenities for residents such as a community room, playground, and courtyard. It’s also close to critical neighborhood services including schools, grocery stores, pharmacies, and the post office. We want to thank Syringa Housing Corporation for their sponsorship and shared mission to build much-needed affordable housing in Idaho. The financing includes an $8.7 million construction loan and a $2 million permanent loan.

KeyBank Community Development Lending & Investment provided a $9.5 million term loan to Magnet Lending Corporation, a nonprofit CDFI based in Lansing, Michigan, and an affiliate of Michigan Community Capital. MLC was established in 2021 to provide loans and investments that create or preserve affordable and attainable housing; expand access to quality healthy food in underserved markets; and create accessible and quality jobs in low- and moderate-income communities throughout Michigan. Its mission is to promote community and economic development, to create wealth and job opportunities; and to facilitate investment of private and public capital in the form of low-cost, flexible financial products. This loan will help MLC support development and creation of local affordable housing and community facilities. We want to thank the Magnet Lending Corporation and Michigan Community Capital for its commitment and for making a difference in Michigan’s communities.

KeyBank Community Development Lending and Investment (CDLI) provided $16.6 million in Low-Income Housing Tax Credit (LIHTC) equity (state and federal), a $21.3 million construction loan, and $6.3 million taxable equity bridge for the construction of Silos Apartments, a new affordable housing high-rise building in Salt Lake City, Utah.

Silos is also a 180-unit tax-exempt bond project with 4% Low Income Housing Tax Credit (LIHTC) integrated into the master-planned 8.5-acre Silos development at Salt Lake City’s entrance from Highway I-15.

KeyBank’s Commercial Mortgage Group originated a $20.5 million privately placed forward committed rate locked permanent loan. KeyBanc Capital Markets also secured and sold $21.3 million in Utah Housing Corporation Multifamily Housing Revenue Bonds for the transaction.

The sponsor for the project, Blaser Ventures (fka BCG Affordable Residential Communities), is an affordable housing developer based in Salt Lake City.

Silos Apartments will provide 180 apartments consisting of 60 studio units, 100 one-bedroom units, and 20 two-bedroom units for individuals and families earning no more than 60% of the area median income (AMI). The development will also include a separate garage financed by the Catalyst Opportunity Fund. This project is the first phase in a larger master mixed-use development.

Silos development is in the Granary District, one of the oldest  mixed-use neighborhoods with shopping and recreational amenities within walking distance.  

“In addition to becoming one of the city’s most vibrant neighborhoods, the Granary District will also help to address the substantial need for affordable housing in Utah,” said Robert Likes, president of KeyBank Community Development Lending and Investment (CDLI). “KeyBank is invested in the expansion of its community impact, and we continue to provide more capital to low-income communities throughout the country.”

Kortney Brown and Jeremiah Drake of KeyBank CDLI structured the financing for the transaction. Hector Zuniga of KeyBank Commercial Mortgage Group facilitated the permanent loan placement and Sam Adams of KeyBanc Capital Markets underwrote the tax-exempt bonds.

KeyBank Community Development Lending & Investment provided $53.3 million in capital for the new construction of Hudson Heights, a 120-unit affordable housing project in Mechanicville, New York. One-hundred-eight units will serve families and individuals earning no more than 30% – 60% of the area median income (AMI). Twelve units will be held with preference for veterans with special needs. The Veterans and Community Housing Coalition (VCHC) will provide referrals and supportive services to these residents. The property will feature amenities including a community room, courtyard, playground, and fitness center. We want to thank Vesta Corporation for its sponsorship and shared mission to build much-needed affordable housing in New York.

KeyBank Community Development Lending & Investment provided $12.5 million in capital for the new construction of Rifle Apartments, a 60-unit affordable housing project in Rifle, Colorado. All 60 units will serve families and individuals earning no more than 30%–80% of the area median income (AMI). The property will feature amenities for residents including a community room and a fitness center. We want to thank Evergreen Real Estate Group for its sponsorship and shared mission to build much-needed affordable housing in Rifle.

The financing includes a $12.5 million construction loan.