KeyBank Arranges $8.4 Million in Total Financing to Address Affordable Housing Gap in Roxboro, NC
CLEVELAND, June 19, 2017 /3BL Media/ — KeyBank Community Development Lending & Investment (CDLI) provided $8.4 million in total financing for the quick acquisition of Brookwood Apartments, a 90-unit low-income apartment community in Roxboro, NC, located approximately 50 miles north of Raleigh/Durham. Specifically, KeyBank provided the sponsor with a $4 million short term bridge loan and an immediate 10-year permanent financing loan worth $4.4 million though Freddie Mac.
Brookwood Apartments was built in 1974 and renovated in 2000. It consists of 16 two-story apartment buildings and an office/community building. The property is 100 percent restricted to tenants earning no more than 60% AMI.
KeyBank is proud to have enabled the much-needed preservation of this existing affordable housing in rural communities. John Gilmore, IV of Key’s CDLI group and Thomas Peloquin of Key’s Commercial Mortgage Group arranged the quick turnaround financing.
About Key Community Development Lending and 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. CDLI has a substantial investment and loan portfolio worth more than $2 billion, 90% of which is Low Income Housing Tax Credit (LIHTC) projects. For its ability to lend to, invest in, and serve its communities –especially low-to-moderate income communities – KeyBank has earned eight consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.and student housing. KeyBank Real Estate Capital is also one of the nation’s largest and highest rated commercial mortgage servicers.
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 $134.5 billion at March 31, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 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.