CDLI Omega

Overview

Deal Type Construction
Size $29.9 Million
Dayton, OH
Cincinnati, OH
Client & Transactional Partners Madison Villa
Our Role Lender

Summary

KeyBank Community Development Lending & Investment (CDLI) has provided a total of $29.9 million in financing for the construction and rehabilitation of three, separate affordable housing properties in Ohio. 

A $9.9 million construction loan was provided for the development of Omega Senior Lofts, an 81-unit, seniors (55+) independent living facility in Dayton, OH. The development is a part of the Omega CDC’s Harvard Campus Revitalization Plan Area, and is sponsored by MVAH Partners, a nationally recognized, affordable housing company. Additional funding will be provided through 9% LIHTC equity investments, a Federal Home Loan Bank (FHLB) grant and two permanent Ohio Housing Finance Agency (OHFA) loans.

“KeyBank is dedicated to providing safe and affordable housing throughout Ohio,” said Rob Likes, national manager of the CDLI team. “We are proud to partner with organizations that help revitalize the local communities where we live and work.”

Separately, KeyBank provided a $7.9 million construction loan and a $1.2 million FHLB Community Investment Program (CIP) permanent loan to Episcopal Retirement Services for the rehabilitation of Madison Villa, a 93-unit, age-restricted, Section 8 apartment project in Cincinnati, OH. The project will also utilize 9% LIHTC equity investments provided by Ohio Capital Corporation for Housing (OCCH), a HUD restructuring note, City HOME funds, an OHFA Housing Development Loan and FHLB Affordable Housing Program grant funding. Episcopal Retirement Services is partnering with The Model Group to complete the project.

KeyBank also provided a $10.9 million construction loan for Commons at South Cumminsville, an 80-unit permanent supportive housing property located in Cincinnati’s South Cumminsville neighborhood. Upon completion, 60 of the units will provide housing for individuals who meet the HUD definition of chronically homeless, with the remaining 20 units targeting low-income residents with sensory or mobility impairments. All units in the property will benefit from 20-year Section 8 project-based vouchers, allowing tenants to pay no more than 30% of their incomes towards rent. The project will also utilize a LIHTC equity investment provided by KeyBank, an OHFA equity bridge loan, a City of Cincinnati HOME loan, a FHLB Affordable Housing Program grant and Home Depot grant funds.

“Our integrated platform allows us to provide clients with flexible financing options that meet their unique needs and the needs of their communities,” said Kelly Frank, senior banker on the CDLI team who organized the financing. “We are excited to continue our relationships with MVAH Partners, Episcopal Retirement Services and National Church Residences as they work to expand affordable housing options across Ohio.”

Recent Deals

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

wwmg

formed and capitalized a joint venture with

iks health

Financial Advisor

western-washington-medical-group
June 2025

 

El Camino Commons

$74.8 Million

Construction Loan & LIHTC Equity

el-camino-commons
June 2025

tule silverback

$350 Million

Senior Secured Credit Facilities

Left Lead Arranger
Joint Bookrunner
Administrative Agent

tule-river-tribe-gaming-authority

Connect With Us

Find an Expert