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 $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.”

KeyBank Community Development Lending & Investment provided $66.3 million in capital for the acquisition and rehabilitation of Foothill Family Apartments, a 65-unit affordable housing project in Oakland, California. Sixty-four units will serve families and individuals earning no more than 30%-60% of Area Median Income (AMI). Supportive services will be offered to residents and will include education, heath & wellness, and skill-building classes. We want to thank the Oakland Housing Authority for their sponsorship and shared mission to preserve much-needed affordable housing in California.

The financing includes a $33.7 million construction loan arranged by Andrea de la Fuente, $26.8 million in LIHTC equity arranged by Kortney Brown-Stinemates, a $5.8 million permanent loan arranged by Hector Zuniga Jr., and bond underwriting provided by KeyBanc Capital Markets, led by Sam Adams.

KeyBank Community Development Lending & Investment provided $72.5 million in capital for the new construction of Marbella Ranch, a 144-unit  affordable housing project in Glendale, Arizona. All 144 units will serve families and individuals earning no more than 60% of Area Median Income (AMI). The property will feature amenities for residents, including a clubhouse, fitness center, picnic area, tot lot, and dog park. We want to thank Real Estate Equities for their sponsorship and shared mission to build much-needed affordable housing in Arizona.

The financing includes a $45.2 million construction loan arranged by Kelly Frank and a $27.3 million permanent loan arranged by Key Commercial Mortgage Group.

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 $30 million in capital for the new construction of Allen Creek Crossing, a 68-unit affordable housing project in Grants Pass, Oregon. Sixty units will serve families and individuals earning no more than 60% of Area Median Income (AMI) and eight units will be permanent supportive housing for homeless youths and their families. Supportive services will be offered to residents by Maslow Project and will be tailored to the community. They will focus on workforce, adult, and family-centered services, youth services, community asset services, and services for homeless youths and their families. Resident meetings and events are held regularly, where attendees may express their desires for classes, workshops, or other events. We want to thank the Housing Authority of Jackson County (HAJC) for their sponsorship and shared mission to build much-needed affordable housing in Oregon.

The financing includes a $13.7 million construction loan arranged by Brett Sheehan and $16.3 million in LIHTC equity arranged by Kortney Brown-Stinemates.

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.