The preservation of affordable housing at White Rock Apartment Homes supports the City of San Antonio’s affordable housing initiatives
CLEVELAND, January 10, 2019 /3BL Media/ - KeyBank announced today arranging $28.4 million in a Fannie Mae affordable housing preservation refinance loan for Commonwealth Multifamily Housing Corporation (“Commonwealth”) for the benefit of White Rock Apartment Homes, a multifamily, 336-unit mixed-income property in San Antonio, TX.
The financing makes possible the new construction of more than 300 affordable housing units for families in the community
CLEVELAND, Ohio, December 3, 2018 /3BL Media/—KeyBank provided and arranged both construction and permanent financing supporting AVS Communities’ plan to construct The Villas at Arlington, a 312-unit, mid-rise apartment complex with 17 three-story residential buildings. The property is subject to Section 42 of the Low-Income Housing Tax Credit (LIHTC) program and will make affordable housing options available to families earning less than 60% area median income (AMI) in Arlington, WA.
CLEVELAND, August 16, 2018 /3BL Media/ — KeyBank Community Development Lending and Investment (CDLI) has provided $38.4 million in total financing for the construction of Del Valle Apartments in Austin, TX. The CDLI team provided a $9 million equity bridge loan, with a $29.4 million Freddie Mac Tax Exempt Loan (TEL) Forward Commitment component arranged by Key’s Commercial Mortgage Group.
CLEVELAND, March 26, 2018 /3BL Media/ — KeyBank Community Development Lending & Investment (CDLI) has provided a total of $23.7 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 two affordable housing properties in Texas.
CLEVELAND, January 23, 2017/3BL Media/ — KeyBank Community Development Lending & Investment (CDLI) has provided a total of $10.4 million in financing to Ithaca Neighborhood Housing Services, Inc., for the acquisition and rehabilitation of Ithaca City Apartments, a 98-unit complex located in Ithaca, NY.
Ithaca City Apartments will be permanently restricted as affordable housing, and create high-quality, energy efficient options in one of the strongest housing markets in upstate NY.
Lynne Callis-Wilson of Key’s CDLI group arranged the financing.
CLEVELAND, August 30, 2017/3BL Media/ - KeyBank Community Development Lending & Investment has provided a total of $30.6 million in financing to the Housing Trust Group of Coconut Grove, FL for the new construction of Princeton Park Apartments, a 150-unit LIHTC affordable apartment property located approximately 25 miles southwest of Miami. Specifically, KeyBank arranged a $23.3 million construction loan and a $7.3 million permanent loan through a Freddie Mac 9% LIHTC Forward Commitment product from its Targeted Affordable Housing platform.
CLEVELAND, June 19, 2017 /3BL Media/ — KeyBank Community Development Lending & Investment (CDLI) provided $8.4 million in total financing for the quick acquisition of Brookwood Apartments, a 90-unit low-income apartment community in Roxboro, NC, located approximately 50 miles north of Raleigh/Durham. Specifically, KeyBank provided the sponsor with a $4 million short term bridge loan and an immediate 10-year permanent financing loan worth $4.4 million though Freddie Mac.
Plan Includes Investment in Underserved Communities
CLEVELAND, OH, MARCH 18, 2016 /3BL Media/ – KeyBank today announced several major steps to further its community investments across the company as part of a National Community Benefits Plan. The investments announced today underscore KeyBank’s commitment to helping clients and communities thrive as well as its responsible approach to banking, citizenship and operations.
CLEVELAND, November 12, 2015 /3BL Media/ – Key’s Community Development Lending and Investment (CDL/I) segment today announced the assembly of six senior-level leaders who will focus on affordable housing, lead a team of more than 50 professionals, drive the expansion of Key’s affordable housing platform from 12 to 50 states, and double the size of the business in the next three years.
CLEVELAND, June 16, 2015 /3BL Media/ – Key (NYSE:KEY) announced today the appointment of Robert Likes to National Manager of Community Development Lending and Investment (CDL). Likes, a 12 year veteran with KeyBank Real Estate Capital, will spearhead the national expansion of Key’s affordable housing platform. He reports to Norman Nichols, executive vice president and head of Income Property Group & Community Development Lending and Investment.
Prior to this appointment, Likes was head of the Northwest Income Property Group at KeyBank Real Estate Capital.