Cambridge Square

Overview

Size $90.7 Million
Construction Loan, LIHTC Equity, Fannie Mae M. TEB, and Bond Underwriting

Summary

KeyBank Community Development Lending and Investment (CDLI) provided a $35 million construction loan and $15.7 million in 4% federal Low-Income Housing Tax Credit (LIHTC) equity to finance the acquisition and rehabilitation of Cambridge Square Apartments in Monroeville, Pennsylvania.

KeyBank also arranged an $18 million permanent loan through the Fannie Mae forward MBS Tax-Exempt Bond (M.TEB) program. The $22 million of tax-exempt M.TEB bonds were sold by KeyBanc Capital Markets.

Cambridge Square consists of eight, three-story residential buildings and one community building consisting of 204 apartments. The unit mix includes 78 one-bedroom units, 102 two-bedroom units, and 24 three-bedroom units. The tenant units (97%) are covered by a 20-year Section 8 Housing Assistance (HAP) Contract. The 198 HAP units will be reserved for families and individuals earning no more than 50% of the area median income (AMI). The remaining six units are LIHTC restricted at 60% AMI.

The sponsor for Cambridge Square is Community Preservation Partners (CPP), an affordable housing rehabilitation company. Since its founding in 2004, CPP has developed more than 12,500 low-income housing units and invested more than $2.6 billion into neighborhoods across the United States, keeping housing costs affordable for thousands of seniors, families, and individuals.

Cambridge Square will offer an on-site service coordinator through American HealthCare Group to connect residents with a variety of community resources and services such as health care and healthcare education, financial literacy and computer literacy, child care, youth activities, nutritional services, disability services, tenant home ownership training, and parenting programs.

Anna Belanger and Jonathan Wittkopf of KeyBank CDLI structured the tax credit equity and debt financing for the transaction. Robbie Lynn of KeyBank CMG structured the Fannie Mae M.TEB. Sam Adams of KeyBanc Capital Markets marketed the bonds.

Recent Deals

July 2025

kodiak

a portfolio company of

courtsquare

divested

kodiak partner

to a

Private Investor Consortium

Exclusive Sell-Side Advisor

kodiak-interiors-group-llc
July 2025

beacon

acquired

ascension borgess

from

ascension

Financial Advisor

beacon-health
July 2025

a portfolio company of 

and

$1.815 Billion

Senior Secured Credit Facilities

$900 Million

8.50% First Lien Secured Notes due 2032

Joint Lead Arranger
Joint Bookrunner

radiology-partners
June 2025

allied

$245 Million

Senior Secured Credit Facilities

Debt Advisor

allied

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