Keybank Provides $142.4 Million in Financing for Affordable Housing Portfolio
CLEVELAND, July 20, 2017 /3BL Media/ - KeyBank Real Estate Capital has provided a total of $142.4 million to Harmony Housing, a 501(c)(3) nonprofit organization dedicated to providing safe, clean and comfortable affordable rental housing throughout the United States, for a six-property affordable housing portfolio.
Key provided a total of $115.7 million through a Fannie Mae credit facility for Limestone Canyon, a 260-unit, garden-style apartment complex and Parkside Crossing, a 218-unit, garden-style apartment complex, both located in Austin, TX; Sendero Ridge, a 384-unit, garden-style apartment complex located in San Antonio, TX; Arcade Apartments, a 75-unit complex located in Racine, WI; and Pasco Woods, a 200-unit, garden-style affordable housing complex located in Wesley Chapel, FL. All properties reserve at least 50% of units for tenants making 60% of the Area Median Income (AMI).
An additional $14.8 million bridge-to-HUD loan was arranged for Lakestone Apartments, located in Ann Arbor, MI. The 144-unit, garden-style property consists of one-, two- and three-bedroom units designated for those earning 50% and 60% AMI. Built in 1998, the property features numerous community amenities, including a clubhouse, pool, recreation center, basketball court, computer center and laundry facilities.
Key also provided an $11.9 million term loan to Harmony Housing to facilitate recent property acquisitions.
John Gilmore, IV, of Key's Community Development Lending and Jeff Rodman of Key’s Commercial Mortgage Group arranged the financing.
About Harmony Housing
Harmony Housing is a 501(c)(3) formed to own and acquire multifamily affordable housing across the United States. Harmony Housing’s mission is to provide and grow the availability of affordable housing to those in need around the country. For more information, visit www.HarmonyHousing.org.
About Key Community Development Lending/Investment
KeyBank Community Development Lending and Investment helps fulfill Key’s purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. Experts in complex tax credit 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. In 2014, Key’s Community Development Lending and Investment platform provided nearly $400 million in debt and equity financing to developments in underserved communities. KCDC alone has a substantial portfolio with a current book value of more than $1 billion, 90% of which is Low Income Housing Tax Credit investment. For its ability to lend to, invest in, and serve its communities, especially low-to-moderate income communities, KeyBank, as of its last exam, was the first top U.S. bank to have earned eight “Outstanding” ratings from the Office of the Comptroller of the Currency (OCC), for exceeding the terms of the Community Reinvestment Act (CRA) exam.
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 $135.8 billion at June 30, 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.