Affordable Rate Sheet

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. 

KeyBank Community Development Lending & Investment provided capital for the acquisition and rehabilitation of West Branch & River Road Apartments, a two-property affordable housing portfolio totaling 68 units in Stowe, Vermont. The portfolio will benefit under a project-based Section 8 contract serving families, seniors, and disabled individuals earning no more than 50%-60% of Area Median Income (AMI). The property will feature amenities for residents including onsite laundry and a community clubhouse. We want to thank Steele Properties for their sponsorship and shared mission to preserve much-needed affordable housing in Vermont.

The financing includes a $4.5 million equity bridge loan arranged by Rachel Grudzien and a $12.2 million construction-to-permanent loan arranged by Hector Zuniga.

KeyBank Community Development Lending & Investment provided capital for the new construction of Waterville Senior Lofts, a 70-unit senior affordable housing project in Toledo, Ohio. All 70 units will serve senior citizens who earn no more than 30%-70% of Area Median Income (AMI). Supportive services will be provided by St. Mary Development Corporation and will include transportation, meals on wheels, housekeeping, and workshops on topics such as financial literacy, nutrition, fitness, and the arts. We want to thank Pivotal Housing Partners and Neighborhood Housing Services of Toledo, Inc for their sponsorship and shared mission to build much-needed affordable housing in Ohio.

The financing includes a $13.8 million construction loan arranged by David Lacki.

KeyBank Community Development Lending & Investment provided capital for the new construction of Rose Creek Apartments, a 125-unit affordable housing project in Edmond, Oklahoma. All 125 units will serve families and individuals earning no more than 60% Area Median Income (AMI). The property will feature amenities for residents including a business center, courtyard, dog park, and a fitness center. We want to thank Express Development, Inc. for their sponsorship and shared mission to build much-needed affordable housing in Oklahoma. 

The financing includes a $24.4 million construction loan arranged by Ted Witt and a $11.6 million permanent loan arranged by Hector Zuniga.

On November 18, 2025, KeyBank Specialty Finance Lending (KBSFL) closed a new $100MM senior secured revolving credit facility with Lendistry Core SPV II, LLC as the borrower. The facility is secured by a portfolio of small business loans originated by Lendistry. Individual loans within the portfolio range from $10,000 to $500,000 and span a diverse set of industry sectors. The structure includes a revolving period, followed by an amortization term. Lendistry Core SPV II, LLC is a bankruptcy remote wholly owned special purpose entity owned by B.S.D. Capital, Inc. dba Lendistry. KeyBank Specialty Finance Lending served as Administrative Agent and Sole Lender.

Lendistry Overview
Lendistry, also known as B.S.D. Capital, is a small business lender founded in 2015 by Everett Sands. Over the past decade, the company has originated more than $5 billion in loans through multiple lending channels. Lendistry has grown into a significant player in the small business lending space by partnering with 15 states to deliver financing through various federal and state economic programs. The company plans to expand its state-level partnerships to more than 40 states by 2026. Lendistry also serves as the servicer for most of its originated loans and generates additional fee income by facilitating loans and grant funding available through government programs.

KeyBank Community Development Lending & Investment provided $28 million in capital for the new construction of New Hope Apartments, a 92-unit affordable housing project in Seattle, Washington. Ninety-one units will serve families and individuals earning 50%-60% Area Median Income (AMI). The property will feature amenities for residents, including a community room and rooftop deck. We want to thank the Low Income Housing Institute (LIHI), in partnership with New Hope Community Development Institute (NHCDI), for their sponsorship and shared mission to build much-needed affordable housing in Washington.

The financing includes a $28 million construction loan arranged by Caleb Stephens and $5.4 million permanent loan by financing partner Washington Community Reinvestment Association (WCRA).

KeyBank Community Lending and Investment (CDLI) provided a total of $72.8 million in financing for the first redevelopment phase and new construction of the Atlanta Civic Center, a 148-unit affordable senior housing project in Atlanta. The full depth and breadth of KeyBank’s platform was leveraged to secure the deal for the borrower, CCP Residential I LLC.

KeyBank CDLI provided a $39.1 million taxable construction loan as well as $25.2 million in federal Low Income Housing Tax Credit (LIHTC) equity. Key Commercial Mortgage Group arranged an $8.5 million Fannie Mae MTEB permanent loan, and KeyBanc Capital Markets underwrote two series of tax-exempt bonds totaling $30 million.

This revitalization initiative is a public-private partnership between Atlanta Housing and Civic Center Partners – a joint venture made up of The Michaels Organization (Michaels), Sophy Companies, and Republic Properties. The borrowing group includes The Michaels Organization (Michaels), a premier leader in residential real estate with a 50-year history and a portfolio exceeding $12 billion in assets, Republic Properties, which has executed over 35 public-private sector projects, with over $2 billion of new projects under construction, and Sophy Companies, an Atlanta-based, minority-owned, fully integrated commercial real estate firm specializing in urban infill developments that enhance the built environment. Michaels is the lead developer, Sophy is the co-lead, and Republic Properties is the co-developer.

Atlanta’s Civic Center – owned by Atlanta Housing – is being redeveloped as a mixed-income, mixed-use community situated in the city’s Old Fourth Ward, within close proximity to MARTA’s Civic Center transit station and Renaissance and Central Parks. The initial phase consists of 148 one-bedroom units in a six-story building, with 74 underground parking spaces and amenities suited for active seniors 55 and older.

Thirty units in the development have been set aside as 50% area median income (AMI) units, with the balance (118 units) reserved for seniors earning less than 60% AMI. The first floor will contain a lobby, mailboxes, a package room, a management office, a social service office, an arts/crafts room, a fitness room, a community room, a computer lounge, and a laundry room. Half of the first floor will contain residential units. The property also includes 500 square feet of commercial space at the south end of the first floor that will ultimately be built as a café.

“Midtown Atlanta is a desirable location and demand to live there is growing fast, but the pace of senior-specific affordable housing is not yet matching that growth,” said Robert Likes, president of KeyBank CDLI. “We were uniquely positioned for this deal and tapped multiple teams across the bank to help secure financing, which will bring more of such housing to the area.”

“The Atlanta Civic Center redevelopment represents a once-in-a-generation opportunity to reconnect a historic neighborhood through inclusive and intentional development,” said Michael Green, CEO of Sophy Companies. “As co-lead developer, Sophy Companies played an integral role in shaping the project’s financial and community development strategy. We are proud to partner with Atlanta Housing, The Michaels Organization, and Republic Properties to advance a shared vision that keeps affordability, design excellence, and cultural legacy at the heart of this transformation. This work is also part of Sophy’s broader commitment to inclusive redevelopment across Atlanta, including the long-term vision for the Civic Center’s future.”