KeyBank Provides $16.6 Million in Total Financing for New Affordable Housing in Pittsburgh
CLEVELAND, January 26, 2018 /3BL Media/ — KeyBank Community Development Lending & Investment (CDLI) has provided $16.6 million in total financing for Allegheny Dwellings Phase I. The first of three phases, Allegheny Dwellings Phase I involves replacing existing public housing with 65 new mixed income units in Pittsburgh’s Fineview neighborhood. The Project will be developed by TREK Development Group, in partnership with the Housing Authority of the City of Pittsburgh.
The project marks KeyBank’s first investment in the Pittsburgh affordable housing market since it acquired First Niagara in 2016.
There will be 47 affordable and 18 market-rate townhome, walk-up and apartment style units available to residents after Allegheny Dwellings Phase I is complete.
Kyle Kolesar of Key’s CDLI group arranged the financing. CREA, LLC, Allies and Ross Management, Housing Authority City of Pittsburgh and the Urban Redevelopment Authority of Pittsburgh contributed 4% LIHTC credits, tax-exempt bonds and other gap financing.
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.