KeyBank Provides $23.8 Million in Financing for Affordable and Seniors Housing

Aug 11, 2017 9:00 AM ET
Press Release

CLEVELAND, Aug. 11, 2017 /3BL Media/ — KeyBank Real Estate Capital has provided a total of $23.8 million through a Fannie Mae credit facility to Harmony Housing, helping the 501(c)(3) nonprofit organization refinance or acquire three affordable and seniors housing properties in TX and WI. The creative structure makes it possible for Harmony Housing to add properties to the facility, allowing for future acquisitions, and supports refinancing assets in its existing portfolio.

KeyBank arranged for the refinancing of Hollow Creek, a 120-unit LIHTC property constructed in 1998 with 27 units set aside for households earning 50% AMI and 63 units set aside for households earning 60% AMI in Conroe, TX; the acquisition of Hanover Square Apartments, a 65-unit LIHTC property constructed in 2002 with 57 units set aside for households earning from 30–60% AMI in Madison, WI; and the acquisition of Prairie Park Senior Apartments, a 96-unit LIHTC property constructed in 2003 with 90 units set aside for seniors earning 30–60% AMI in Madison, WI.

Harmony Housing is dedicated to providing safe, clean and comfortable affordable housing throughout the United States.    

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.

About KeyCorp

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.

Newsroom contact:  Laura Mimura, laura.mimura@key.com