Our Transactions

KeyBank Community Development Lending and Investment (CDLI) provided $23.3 million in construction loans and invested $10.7 million in low-income housing tax credit (LIHTC) financing, and KeyBank’s Commercial Mortgage Group also arranged $16.2 million in Freddie Mac TEL permanent financing for the construction of two affordable multifamily housing projects in Los Angeles. The sponsor and developer, HVN Development, also provided loans in the amount of $2.4 million for these two projects. California Housing Finance Agency (CHFA) will also issue $14.4 million of Multifamily Housing Revenue Bonds, as well as $7 million in recycled bonds to fund the permanent loans.

The first apartment (North Mathews), located at 121 North Mathews Street, is a single four-story, 40-unit building that will comprise of six one-bedroom apartments and 33 two-bedroom apartments, as well as one two-bedroom, revenue-generating manager unit. All 39 LIHTC units will be rent-restricted and restricted to tenants earning at or below 80% of area median income (AMI). Rent restrictions are as follows: four units at 30% AMI, four units at 50% AMI, 23 units at 60% AMI, and eight units at 80% AMI.

The second apartment (Brynhurst), located at 6018 Brynhurst Avenue, is a single four-story, 50-unit building that will comprise of seven one-bedroom units and 42 two-bedroom units, as well as one two-bedroom, revenue-generating manager unit. All 49 LIHTC units are restricted to tenants earning at or below 80% AMI. Rent restrictions are as follows: five units at 30% AMI, five units at 50% AMI, 29 units at 60% AMI, and 10 units at 80% AMI.

North Mathews and Brynhurst are located in highly walkable areas and near the LA Metro system, which provides bus and subway service throughout Los Angeles. The property manager, Aperto Property Management, will oversee the management of both apartments. 

LifeSTEPS will offer on-site supportive services including financial literacy, computer training, and home-buyer education, as well as health and wellness programs. All services are free for tenants and paid for by the sponsor/developer, HVN Development.

HVN Development has partnered with Integrity Housing, an experienced developer committed to identifying innovative solutions to ease California’s housing crisis by increasing the affordable housing supply. Integrity Housing has completed nearly 40 affordable housing projects in California. 

KeyBank Community Development Lending and Investment (CDLI) provided a $13.9 million construction loan and $21.4 million in low-income housing tax credit (LIHTC) financing for the construction and rehabilitation of Miami Inspiration Housing in Miami, Arizona. The project also received $500,000 of soft debt financing from the Arizona Department of Housing. This development marks a significant milestone in the community as it is the first affordable housing project to be built in the market since 2009.

Miami Inspiration Housing will consist of the renovation of a non-occupied historical building with 16 units and the new construction of a second building with 24 units, creating a 40-unit total affordable housing complex. The property will provide quality housing for families, with income levels between 40%, 50%, and 60% of the AMI. Miami Inspiration Housing will provide families a safe and vibrant place to call home, positively impacting the community at large.

The development is located in Miami, a rural town approximately 80 miles east of Phoenix. The community is located within the Copper Corridor where mining and ranching still represent 20% of the county’s primary sources of employment, as several smaller copper mines and processing facilities remain active.

Miami Inspiration Housing is located near major local employers including Freeport McMoRan Mining, Capstone Mining, Globe and Miami Unified School Districts, Gila Community College, Cecil Trucking, and Cobre Valley Regional Medical Center. The property also sits just two blocks north of Highway 60, Miami’s main thoroughfare, and benefits from proximity to retail, healthcare, recreation, and other amenities.

The real estate developer, Chicanos Por La Causa (“CPLC”), is a community developer with a 56-year history of empowering lives through more than 30 different programs and services in Arizona and most recently in California, Colorado, Nevada, New Mexico, and Texas. Miami Inspiration is part of a larger strategy to bring diverse housing opportunities in rural and urban communities to meet local needs including wraparound education and social and workforce development services. Gorman Property Management, an affiliate of Gorman & Company (“Gorman”), will serve as the management company. Today, Gorman manages more than 60 apartment communities, totaling over 6,000 units. 

Key Community Development Lending & Investment provided $85 million in financing for the new construction of Central at South Haymarket, a 175-unit affordable housing project in Lincoln, Nebraska. All 175 units serve families and individuals earning no more than 50 - 70% of area median income. Supportive services will be offered to residents and include English language learning classes, financial literacy education, food support and nutrition education, and a scholarship program. The financing includes a construction loan, LIHTC equity, and a permanent loan. We want to thank The Annex Group for their commitment to building much needed affordable housing in Nebraska.

Key Community Development Lending & Investment provided $8.2 million in financing for the rehabilitation of Belen Vista, an existing 56-unit affordable housing building in Belen, New Mexico. All 56 units serve families and individuals earning no more than 30 - 60% of area median income. Supportive services are offered to residents and include health and nutrition education, health screening, computer training, job training, and a summer food program. The financing includes a construction loan. We want to thank the Chelsea Investment Corporation for their commitment to preserving much needed affordable housing in New Mexico.

Key Community Development Lending & Investment provided $73.5 million in financing for the new construction of Aurora Apartments, a 156-unit affordable housing project in Billings, Montana. All 156-units will serve families and individuals earning no more than 60% of area median income. The financing includes a construction loan, LIHTC equity, permanent loan, and bond underwriting. We want to thank Wasatch Affordable Ventures for their commitment to building much needed affordable housing in Montana.

Key Community Development Lending & Investment provided $101.3 million in financing for the new construction of The Waters, a 180-unit senior affordable housing project in Apopka, Florida. All 180 units will serve senior citizens earning no more than 60% of area median income. The financing includes a construction loan, LIHTC equity, a permanent loan, and bond underwriting. We want to thank Dominium for their commitment to building much needed senior affordable housing in Florida.

Key Community Development Lending & Investment provided $41.1 million in financing for the rehabilitation of Shippan Place, a 146-unit senior affordable housing building in Stamford, Connecticut. All 146 units serve senior citizens earning no more than 60% of area median income. Supportive services are offered to residents and include wellness and fitness workshops, financial literacy classes, food distribution, and health and nutrition education. The financing includes a construction loan, LIHTC equity, a permanent loan, and bond underwriting. We want to thank the Jonathan Rose Companies for their commitment to preserving much needed senior affordable housing in Connecticut.

Key Community Development Lending & Investment provided $78.8 million in financing for the acquisition and construction of Promontory Place, a 175-unit affordable housing building in Salt Lake City, Utah. All 175-units will serve families and individuals earning no more than 50 - 60% of area median income. The financing includes a construction loan, permanent loan, and bond underwriting. We want to thank Alta Bay Holdings for their commitment to building much needed affordable housing in Utah.

Key Community Development Lending & Investment provided $38.6 million in financing for the new construction of Playter Gardens, a 73-unit affordable housing project in Buffalo, New York. All 73 units will serve families and individuals earning no more than 50 - 60% of area median income. Supportive services will be offered to residents and will include case management, job training, and health and wellness services. The financing includes a construction loan, LIHTC equity, and a permanent loan. We want to thank SAA/EVI for their commitment to building much needed affordable housing in New York.

Key Community Development Lending & Investment provided $141.6 million in financing for the new construction of Oso Apartments, a 336-unit affordable housing project in Converse, Texas. All 336 units will serve families and individuals earning no more than 30 - 70% of area median income. Supportive services will be offered to residents and will include health and medical prevention services, job training, and youth programming and education. The financing includes a construction loan, LIHTC equity, a permanent loan, and bond underwriting. We want to thank The NRP Group for their commitment to building much needed affordable housing in Texas.

Key Community Development Lending & Investment provided $21.8 million in financing for the new construction of Flats on Wolf Creek, a 65-unit affordable housing building in Trotwood, Ohio. All 65 units will serve families and individuals earning no more than 30 - 80% of area median income. Supportive services will be offered to residents and will include healthcare coordinators, financial literacy education, and social services. The financing includes a construction loan, LIHTC equity, and a permanent loan. We want to thank the St. Mary Development Corporation for their commitment to building much needed affordable housing in Ohio.

Key Community Development Lending & Investment provided a $5 million term debt facility to the Finance Fund Capital Corporation, a non-profit CDFI based in Columbus, Ohio. FCAP provides capital solutions for underserved communities by investing in people, projects, and businesses that provide needed services, jobs, and new resources. To date, the company has deployed over $705 million in capital throughout Ohio and Indiana, and has created over 50,000 jobs, 22,000 units of housing, and developed over 25 million square feet of housing and commercial space. We want to thank FCAP for their commitment and for making a difference throughout Ohio and Indiana.

Key Community Development Lending & Investment provided a $10 million term debt facility and a $10 million equity investment to the Cleveland Housing Investment Fund, a non-profit CDFI based in Cleveland, Ohio. The objective of CHIF is to create and facilitate the construction and rehabilitation of approximately 2,500 - 3,000 homes within the corporate limits of the City of Cleveland. CHIF will emphasize funding for “missing middle” and workforce housing, with the specific aim of generating disposable income and creating wealth for households located in targeted neighborhoods. We want to thank the CHIF for their commitment and for making a difference throughout Cleveland.

KeyBank Community Development Lending & Investment provided $31.4 million in capital for the new construction of Clarkston Family Haven, a 72-unit affordable housing project in Clarkston, Washington. Seventy units will serve families and individuals earning no more than 30% – 60% of area median income (AMI), with 35 units set aside for those who have or are experiencing homelessness.

Supportive services for residents will include integrated case management to assist in stabilizing housing, income, behavioral health, and addressing addiction issues as well as onsite peer support and mental health counselors. We want to thank Horizon Housing Development and Catholic Housing Services of Eastern Washington for their sponsorship and shared mission to build much-needed affordable housing in Washington. 

The financing includes a $12.1 million construction loan and $19.3 million in Low-Income Housing Tax Credit (LIHTC) equity.

KeyBank Community Development Lending & Investment provided $17.5 million in capital for the new construction of Owens Adair II, a 50-unit senior affordable housing project in Astoria, Oregon. Thirty-seven units will serve senior citizens earning no more than 40% – 50% of the area median income (AMI) and 13 units will be permanent supportive housing for seniors who have or are experiencing homelessness.

Supportive services will be offered to residents and will include assistance accessing basic needs such as food, clothing, personal care, health services, and employment programs. Additional services will be provided for those experiencing homelessness and will include access to furniture, bedding, cleaning, and kitchen items, peer support for mental health and addiction services, assistance with applications for housing vouchers and mainstream benefits, and navigation and advocacy with healthcare providers. We want to thank the Northwest Oregon Housing Authority and Community Development Partners for their sponsorship and shared mission to build much-needed affordable housing in Oregon. 

The financing includes a $17.5 million construction loan.

KeyBank Community Development Lending & Investment provided $66.5 million in capital to acquire and rehabilitate The Cesera, a 204-unit senior affordable housing project in Garland, Texas. The community is owned and managed by Dominium, a leading national developer, owner, and manager of affordable housing. All 204 units will serve senior citizens earning no more than 40% – 60% of the area median income (AMI).

Supportive services will be offered to residents and will include adult education programs, health screenings and immunizations, counseling programs, computer education, and recreational activities. We want to thank Dominium and Garland Housing Finance Corporation for their sponsorship and shared mission to preserve much-needed affordable housing in Texas.

The financing includes a $20.1 million construction loan, $23.1 million in LIHTC equity, and a $23.3 million Fannie M.TEB permanent loan.