KeyBank Provides $14.9 Million in Financing for Affordable Housing Acquisitions
CLEVELAND, February 6, 2018 /3BL Media/ - KeyBank Real Estate Capital has provided a total of $14.9 million in Fannie Mae financing to Harmony Housing, a 501(c)(3) nonprofit organization dedicated to providing safe, clean and comfortable affordable housing throughout the United States, for the acquisition of three affordable housing properties in North Carolina, Texas and Wisconsin.
Key provided acquisition financing for Graham Village, a 50-unit garden-style apartment complex located in Graham, NC. The property consists of 10, two-story residential buildings, and includes 30 two-bedroom units and 20 three-bedroom units. The property reserves 100% of the units for tenants earning 60% AMI.
A loan was provided for Rio Grande Ranch, located in Laredo, TX. The property consists of 57, two-story buildings and a clubhouse/leasing center. The complex totals 226 garden-style units, including two-, three- and four-bedroom apartments. Sixty-eight of the units are reserved for tenants earning 50% AMI and 158 units are reserved for tenants earning 60% AMI.
Key also provided acquisition financing for Aspenwood Glen, a 120-unit, garden-style multifamily property located in Milwaukee, WI. The property consists of two, three-story residential buildings and offers 152 parking spaces. The unit mix includes 54 one-bedroom units and 66 two-bedroom units, with 108 units reserved for tenants earning 30-60% area median income (AMI).
John Gilmore, IV, of Key's Community Development Lending and Investment Group and Jeff Rodman of KeyBank Real Estate Capital’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 (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.
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 $137.7 billion at December 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 approximately 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.
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