KeyBank Arranges $28.4 Million in Financing for the Preservation of Affordable Housing in San Antonio
CLEVELAND, January 10, 2019 /3BL Media/ - KeyBank announced today arranging $28.4 million in a Fannie Mae affordable housing preservation refinance loan for Commonwealth Multifamily Housing Corporation (“Commonwealth”) for the benefit of White Rock Apartment Homes, a multifamily, 336-unit mixed-income property in San Antonio, TX. The refinance replaces two series of tax exempt bonds issued by the Texas State Affordable Housing Corporation more than 17 years ago to develop and construct the property and provides over $2 million in capital for roof replacements and other improvements that will enhance White Rock’s role as Commonwealth’s flagship property. More importantly, the property will continue to provide its historical and much needed affordable housing in the city.
“KeyBank is proud to partner with Commonwealth and supporting its mission of preserving quality affordable housing for the citizens of San Antonio,” said Robbie Lynn, senior mortgage banker of KeyBank Real Estate Capital. “The preservation of this high quality, affordable community demonstrates a strong commitment towards the city’s housing goals while improving the financial security for families that are heavily burdened by ever-increasing rents in the city and state-wide.”
Commonwealth is a 501(c)(3) non-profit that is the operational core of a small group of nonprofit organizations with a 40-year history of national housing policy advocacy, affordable community acquisition, development and rehabilitation, resident education program implementation and nonprofit oversight.
“Our officers and directors have spent decades fighting to create and preserve affordable housing in times of crisis, and KeyBank has proven itself to be on the same page in that fight,” offered David Cole, COO of Commonwealth.
Robbie Lynn of KeyBank’s Commercial Mortgage Group led the financing team with Tiffany Durr of KeyBank’s Community Development Lending and Investment team.
About KeyBank Real Estate Capital
KeyBank Real Estate Capital is a leading provider of commercial real estate finance. Its professionals, located across the country, provide a broad range of financing solutions on both a corporate and project basis. The group provides interim and construction finance, permanent mortgages, commercial real estate loan servicing, investment banking and cash management services for virtually all types of income producing commercial real estate. As a Fannie Mae Delegated Underwriter and Servicer, Freddie Mac Program Plus Seller/Servicer and FHA approved mortgagee, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including affordable housing, seniors housing and student housing. KeyBank Real Estate Capital is also one of the nation’s largest and highest rated commercial mortgage servicers.
About Key Community Development Lending/Investment
KeyBank Community Development Lending and Investment (CDLI) helps fulfill Key’s purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. Experts in complex tax credit lending and investing, Key is one of a handful of affordable housing lenders in the country with a platform that brings together balance sheet, equity, and permanent loan offerings. For its ability to lend to, invest in, and serve its communities – especially low-to-moderate income communities – KeyBank has earned nine consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $138.8 billion at September 30, 2018. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of over 1,100 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
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