Multifamily Rate Sheet

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 $71.2 million in capital for new construction of The Heights, a 160-unit affordable housing project in Akron, Ohio. All 160 units will serve families and individuals earning no more than 40%-70% of Area Median Income (AMI). The property will feature amenities for residents that will include a clubhouse and picnic area, fitness center, and a playground. We want to thank DFP Development LLC and Industrial Realty Group LLC for their sponsorship and shared mission to build much-needed affordable housing in Ohio.

The financing includes a $30.1 million construction loan, $26.2 million in LIHTC equity, $15.4 million permanent loan arranged by Key Commercial Mortgage Group, and $25 million public sale of tax-exempt private activity bonds arranged by KeyBank Capital Markets.

KeyBank Community Development Lending & Investment provided $5.8 million in capital for the new construction of Brynhill Apartments, a 59-unit affordable housing project in North Plains, Oregon. All 59 units will serve families and individuals earning no more than 30%-60% of Area Median Income (AMI). Supportive services will be offered to residents by Centro Cultural, a community-based and culturally specific organization serving the Latinx community in Washington Counties. CC provides multigenerational and culturally specific services through the following core program areas: K-12 STEAM education, workforce development, small business technical assistance, public engagement, civic advocacy, community health and wellness, transitional housing, and community-wide arts and cultural events. We want to thank Home First Development Green Light Investments for their sponsorship and shared mission to build much-needed affordable housing in Oregon.

The financing includes a $3.3 million construction loan and a $2.5 million permanent loan.

KeyBank Community Development Lending & Investment provided $12.8 million in capital for the new construction of Artem on Gay, a 71-unit affordable housing project in Columbus, Ohio. All 71 units will serve families and individuals earning no more than 30%-80% of Area Median Income (AMI). The property will feature amenities for residents including a community room and a fitness center. We want to thank the Ohio Community Development Finance Fund for their sponsorship and shared mission to build much-needed affordable housing in Ohio.

The financing includes a $8.3 million construction loan and a $4.5 million permanent loan.

KeyBank Community Development Lending & Investment provided $66 million in capital for the new construction of Vita Lifestyle of Lafayette, a 198-unit senior affordable housing project in Lafayette, Indiana. This project will serve senior citizens earning no more than 40%–60% of Area Median Income (AMI). The property will feature amenities for residents that include a community room, pet wash, sports courts, and community patio. We want to thank Vita Investment Holdings LLC for their sponsorship and shared mission to build much-needed affordable housing in Indiana.

The financing includes $37.2 million in construction loans, a $28.8 million permanent loan arranged by Key Commercial Mortgage Group, and bond underwriting arranged by KeyBank Capital Markets.

KeyBank Community Development Lending and Investment (CDLI) provided a $25.9 million loan to finance the new construction of 1434 W. Compton Blvd LP, a 75-unit affordable housing project located in Compton, California. The Coalition for Responsible Community Development (CRCD) has partnered with LandSpire Group, LLC, to develop the project. This is the inaugural development project between the sponsor, CRCD, and LandSpire Group, LLC, a partnership that aims to produce 1,000+ permanent supportive and affordable housing units across the Greater Los Angeles area over the next decade.

The project will be a three-story development consisting of studio, one-bedroom and two-bedroom units, all of which are restricted at or below 50% of the area median income (AMI). Fifty percent of the units are set aside as permanent supportive housing, and the remaining 50% as general affordable housing. Additional LIHTC equity and Freddie Mac TEL permanent financing were secured from Walker & Dunlop.

Founded in 2005, the Coalition for Responsible Community Development (CRCD) is a 501(c) 3 organization dedicated to improving the quality of life in South Los Angeles. CRCD supports low-income residents and small businesses with jobs, education, training, affordable housing, and comprehensive support. Since its inception, CRCD has facilitated $160 million in investments, creating 464 housing units and additional development worth $665 million.

Founded in 2019, LandSpire Group is a Southern California-based real estate private equity firm specializing in investing in ground-up developments in select U.S. markets that are experiencing housing affordability challenges and supply imbalances. LandSpire's housing portfolio currently consists of 500 units of market rate and workforce housing, with an additional 400 units of affordable and workforce housing scheduled for delivery by the end of 2025.

1434 W. Compton Blvd LP, which is expected to be completed by May 2027, will have onsite amenities including laundry facilities, a community room, a tot lot, a landscaped courtyard, an amphitheater-style seating area, a basketball/multi-court play area, onsite parking and a resident manager. Social services will also be provided on-site by CRCD and other community partners.

Matthew Haas and Cathy Danigelis of KeyBank CDLI structured the financing.

KeyBank Community Development Lending & Investment provided $22.4 million in capital for the new construction of Timber Ridge, a 52-unit senior affordable housing project in Davenport, Iowa. All 52 units will serve senior citizens earning no more than 40%-60% of Area Median Income (AMI). The property will feature amenities for residents that will include a clubhouse, fitness center, business center, playground, and a picnic area. We want to thank Woda Cooper Companies Inc for their sponsorship and shared mission to build much-needed affordable housing in Iowa.

The financing includes a $11.2 million construction loan and $11.2 million in LIHTC equity.

KeyBank Community Development Lending & Investment provided capital for new construction of Beeler Park Flats, a 64-unit affordable housing project in Denver, Colorado. All 64 units will serve families and individuals earning no more than 30%-60% Area Median Income (AMI). Supportive services will be offered to residents through the Foundation for Sustainable Urban Communities (FSUC), who will utilize the community space to provide services that aim to promote healthy living, lifelong learning, and sustainable transportation. We want to thank Mile High Development and BMC Investments for their sponsorship and shared mission to build much-needed affordable housing in Colorado.

The financing includes a construction loan, LIHTC equity, and a Freddie Mac forward commitment for permanent financing.

Key Community Development Lending & Investment provided $19.5 million in financing for the new construction of Hawthorne Heights, an 86-unit affordable senior housing building in Gainesville, Florida. This project will serve senior citizens earning no more than 22-70% of Area Median Income. Supportive services will be offered to residents and will include assistance with light housekeeping, grocery shopping, and laundry as well as daily activities, including book club, gardening club, and game night. We want to thank National CORE Community Renaissance for their commitment to building much-needed affordable housing in Florida.

The financing includes a construction loan and a permanent loan.

Key Community Development Lending & Investment provided $117 million in financing for the new construction of Covington Acres, a 252-unit affordable housing building in Keene, Texas. This project will serve families and individuals earning no more than 60% of Area Median Income. Supportive services will be offered to residents and will include access to a food pantry, an annual health fair, and other events and classes, including arts and crafts. We want to thank Kittle Property Group for their commitment to building much-needed affordable housing in Texas.

The financing includes a construction loan, LIHTC Equity, a permanent loan, and bond underwriting.

Key Community Development Lending & Investment provided $28 million in financing for the new construction of New Hope, a 92-unit affordable housing building in Seattle, Washington. This project will serve families and individuals earning no more than 50-60% of Area Median Income. The property will feature amenities for residents including a community room, bicycle room, and a rooftop deck. We want to thank the Low Income Housing Institute for their commitment to creating much-needed affordable housing in Washington.

The financing includes a construction loan.

Key Community Development Lending & Investment provided $86.3 million in financing for the new construction of Domes Church, a 152-unit affordable housing building in Caldwell, Idaho. This project will serve families and individuals earning no more than 60% of Area Median Income. The property will feature amenities for residents including a picnic area, exercise facility, courtyard, basketball court, and a community room. We want to thank Devco for their commitment to creating much-needed affordable housing in Idaho.

The financing includes a construction loan, LIHTC equity, a permanent loan, and a public bond sale.