KeyBank Finances the Substantial Rehabilitation of Critical Affordable Housing in Memphis, TN
CLEVELAND, December 5, 2018 /3BL Media/ - KeyBank Community Development Lending & Investment (CDLI) provided The Millenia Companies with $59.2 million in combined construction to permanent loan financing for the rehabilitation of 400 units of affordable housing at Cavalier Court Apartments and Gospel Gardens in Memphis, TN.
The CDLI team provided a two-year, $18.5 million construction loan with a six-month extension that will convert to a 15-year, $12.3 million tax-exempt permanent loan to support the rehabilitation of Cavalier Court Apartments. Additionally, the CDLI team provided a two-year, $17.4 million construction loan convertible to a 15-year, $10 million tax-exempt permanent loan for the rehabilitation of Gospel Gardens.
The construction loans for both properties will utilize proceeds of tax-exempt Multifamily Revenue Bonds issued by The Health, Education and Housing Facility Board of the City of Memphis and 4% Low-Income Housing Tax Credit (LIHTC) equity provided by WNC, a provider of investment, asset management and development services.
Kelly Frank of KeyBank’s CDLI team originated the financing for the rehabilitation of both affordable housing properties.
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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