Affordable Rate Sheet

KeyBank Community Development Lending & Investment provided capital for the new construction of The Queen Senior apartments, a 49-unit senior affordable housing project in Philadelphia, Pennsylvania. 49 units will serve senior citizens earning no more than 20%-50% the AMI (Area Median Income). Supportive services will be offered to residents and will include health and wellness programs, lifeline services, social services, and counseling. We want to thank The Queen Senior LLC for their sponsorship and shared mission to build much-needed affordable housing in Pennsylvania.

The financing includes a construction loan arranged by Seaver Rickert.

KeyBank Community Development Lending & Investment provided capital for the new construction of The Medow on Seneca, a 70-unit affordable housing project in Ithaca, New York. 70 units will serve families and individuals earning no more than 30%-80% the AMI (Area Median Income). The project includes 35 supportive housing units consisting of 25 units supported by the Empire State Supportive Housing Initiative (ESSHI) and 10 units supported through the New York State Office of Mental Health Supportive Housing Single Room Occupancy (OMH SP-SRO) program. Supportive services will be provided by Rehabilitation Support Services, Inc. (RSS) and will include case management, crisis response, living skill support, behavioral-health coordination employment readiness, and safety planning for domestic violence survivors. We want to thank Rehabilitation Support Services for their sponsorship and shared mission to build much-needed affordable housing in New York.

The financing includes a $14.8 million construction loan arranged by Seaver Rickert.

KeyBank Community Development Lending & Investment provided capital for the rehabilitation of Wallkill Living Center, a 136-unit senior affordable housing project in Middletown, New York. 136 units will serve senior citizens earning no more than 50%-80% the Area Median Income (AMI). Supportive services will be offered to residents and will include transportation coordination, grocery/pharmacy delivery, on-site hairdressing and dry cleaning, visiting physicians, and recreational classes and activities. We want to thank Lincoln Avenue Capital for their sponsorship and shared mission to build much-needed affordable housing in New York.

The financing includes an equity bridge loan arranged by Kelly Frank and LIHTC equity arranged by Kortney Brown.

KeyBank Community Development Lending & Investment provided capital for the new construction of Palm Villas at Red Bluff, a 61-unit affordable housing project in Red Bluff, California. 61 units will serve families and individuals earning no more than 30%-60% the Area Median Income (AMI). 10 units will be set aside for permanent supportive housing (PSH) for those with a serious mental illness that are homeless or at risk of homelessness. Supportive services for these residents will be provided by Tehama County Health Services Agency and will include access to different centers providing behavioral services, medical clinics, public health services, and substance use recovery. We want to thank Palm Communities LLC for their sponsorship and shared mission to build much-needed affordable housing in California.

The financing includes a $29 million construction loan arranged by Andrea de la Fuente and a $3.7 million permanent loan arranged by Hector Zuniga.

KeyBank Community Development Lending & Investment provided capital for the rehabilitation of Henderson Court, a 150-unit affordable housing project in Bloomington, Indiana. 150 units will serve families and individuals earning no more than 60% of the Area Median Income (AMI). Supportive services will be offered to residents and will include case management, on-site health clinics, food pantry access, and youth and adult resident programming. We want to thank Gene B. Glick Co. for their sponsorship and shared mission to preserve much-needed affordable housing in Indiana.

The financing includes a $4.7 million equity bridge loan arranged by Kelly Frank, $9.5 million in LIHTC equity arranged by Ryan Olman, and a $22 million permanent loan arranged by Key’s Commercial Mortgage Group.

KeyBank Community Development Lending & Investment provided capital for the new construction of Hodges Commons, a 98-unit affordable housing project in Indianapolis, Indiana. 98 units will serve families and individuals earning no more than 50%-70% the AMI (Area Median Income). Supportive services will be offered to residents by Resident Resources Network and will include financial literacy classes, employment assistance, and counseling. We want to thank Woda Cooper Companies, Inc. for their sponsorship and shared mission to build much-needed affordable housing in Indiana.

The financing includes a $23.6 million construction loan arranged by Kelly Frank, $11.7 million in federal LIHTC equity and $5.7 million in state LIHTC equity arranged by Ryan Olman, and a $9.4 million permanent loan arranged by Key’s Commercial Mortgage Group.

KeyBank Community Development Lending & Investment provided capital for the new construction of Twisp Family Haven, a 48-unit affordable housing project in Twisp, Washington. 48 units will serve families and individuals earning no more than 30–60% Area Median Income (AMI). 20 units will be set aside for Permanent Supportive Housing (PSH), with 8 units receiving project-based Section 8 vouchers and 12 units reserved for households who are or have experienced homelessness. Supportive services will be offered to all residents by Room One and will include case management, transportation, assistance in accessing employment, and drug and alcohol counseling. We want to thank Catholic Charities of Eastern Washington for their sponsorship and shared mission to build much-needed affordable housing in Washington.

The financing includes a $10.9 million construction loan arranged by Caleb Stephens.

KeyBank Community Development Lending & Investment provided capital for the new construction of Cedar Commons II, a 64-unit senior affordable housing project in Bellingham, Washington. All 64 units will serve senior citizens earning no more than 30%-60% Area Median Income (AMI). The property will feature 26 Permanent Supportive Housing (PSH) units, with 13 units reserved for households with one or more physically disabled member and 13 units reserved for senior citizens who are or have experienced homelessness. We want to thank Opportunity Council and Shelter Resources for their sponsorship and shared mission to build much-needed affordable housing in Washington.

The financing includes a $15 million construction loan arranged by Caleb Stephens.

KeyBank Community Development Lending & Investment (CDLI) provided a $10.1 million construction loan on behalf of Chicanos Por La Causa (CPLC) to finance the acquisition and rehabilitation of Casa del Pueblo, a 9% LIHTC, 96-unit fully subsidized senior affordable housing property in Tucson, Arizona. 

All the units are one bedroom and restricted to 40% area median income (AMI). The units are 100% occupied and the current tenants will not be displaced. Casa del Pueblo was originally constructed in two phases: one building in 1997 with 58 units and the other in 2011 with 38. The buildings feature three community rooms, fitness equipment, a computer room, lawn space with picnic area and a ramada with a barbecue. Services from the CPLC Healthy Aging program, such as congregate meals and health resources, are available for Casa del Pueblo residents to foster social, emotional, mental, and physical well-being.

CPLC is a nonprofit community development corporation with a 56-year history of empowering lives through more than 30 different programs across Arizona, California, Colorado, Nevada, New Mexico, and Texas, including efforts in affordable housing and community development, with over 3,000 units under management. KeyBank CDLI closed a different construction loan for CPLC in early 2025. 

Matthew Haas from KeyBank CDLI structured the construction financing. Permanent financing was provided by the City of Tucson through HOME Investment Partnership Program (HOME) Funds, the State of Arizona through the Arizona Housing Trust Fund, and Rocky Mountain Community Reinvestment Corporation (RMCRC). The National Equity Fund (NEF) provided LIHTC equity. 

KeyBank Community Development Lending & Investment provided capital for the new construction of Hub 27, a 53-unit affordable housing project in Cleveland, Ohio. All 53 units will serve families and individuals earning no more than 60%-70% Area Median Income (AMI). The property will feature amenities for residents, including bike storage, a clubhouse, courtyard with playground, fitness center, and a rooftop terrace and deck. We want to thank Pivotal Housing Partners and Metro West Development Organization for their sponsorship and shared mission to build much-needed affordable housing in Ohio.

The financing includes a $13.7 million construction loan arranged by David Lacki, $18.6 million in LIHTC equity arranged by Derek Reed, and bond underwriting provided by KeyBanc Capital Markets led by Sam Adams.

KeyBank Community Development Lending & Investment provided capital for the new construction of Benning Road Metro Apartments, a 109-unit affordable housing project in Washington, D.C. All 109 units will serve families and individuals earning no more than 30%-80% of Area Median Income (AMI). The property will feature 22 units of Permanent Supportive Housing (PSH) to be covered by vouchers administered by the Local Rent Supplement Program (LRSP). Supportive services will be offered to residents, facilitated by the project’s development partner, Marshall Heights Community Development Organization, and will include workshops about financial management, employment readiness, entrepreneurship, and rental counseling. We want to thank The NRP Group for their sponsorship and shared mission to build much-needed affordable housing in Washington, D.C.

The financing includes a $43.7 million construction loan arranged by Seaver Rickert and a $11.6 million permanent loan arranged by Robbie Lynn.

KeyBank Community Development Lending and Investment (CDLI) provided a $27.3 million construction loan on behalf of the Housing Authority of Salt Lake City (HASLC) to finance the rehabilitation and new construction of Permanent Supportive Housing and a subsidized apartment community in Salt Lake City. KeyBank’s Commercial Mortgage Group (CMG) also arranged permanent financing with a $16 million Freddie Mac 9% LIHTC forward commitment. The rehabilitation and new construction will consist of 218 units:

• Sunrise Metro – Renovation of existing 100-unit, four-story structure with the addition of 18 new units to the second floor
• Atkinson Stacks – New construction of 100-unit, six-story structure

Units are restricted at 25%-35% of area median income (AMI) across six studios and 212 one-bedrooms. The new building will include commercial space on the bottom floor to be occupied by Sacred Circle, a supportive services and case management provider. Sacred Circle will provide substance abuse counseling, employment, financial support and other services as needed. They will also operate a clinic and pharmacy.

Unit amenities include kitchen range, refrigerator, laminate countertops, and vinyl floors. Property amenities currently in Sunrise Metro include a courtyard, garden, dog run, case management offices, supportive service spaces, and a food pantry. With the expansion and renovation, the HASLC is adding a gym, programmed outdoor spaces, a pharmacy, and a medical clinic to be staffed by Sacred Circle Healthcare, projected to have 12 full-time employees at the site.

“We sincerely thank KeyBank for supporting this transformative project,” Daniel Nackerman, Executive Director, Housing Authority of Salt Lake City noted. “The new and renovated housing will offer safe, affordable homes along with essential services that uplift residents. By promoting community and stability, we are making notable progress toward improving lives and strengthening neighborhoods in Salt Lake City.”

The federal and state LIHTC credits will be purchased/syndicated by The Richman Group. Rachel Grudzien of KeyBank CDLI and Hector Zuñiga of KeyBank CMG structured the financing.