KeyBank Arranges $6.9 Million in FHA Financing for Ohio Affordable Seniors Housing Property

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KeyBank Arranges $6.9 Million in FHA Financing for Ohio Affordable Seniors Housing Property

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Monday, August 21, 2017 - 4:00pm

CAMPAIGN: Key Supports Affordable Housing

CONTENT: Press Release

CLEVELAND, August 21, 2017 /3BL Media/ — KeyBank Real Estate Capital has arranged a $6.9 million FHA loan to Millennia Housing Development Ltd., for the substantial renovation of Sherman Thompson Towers Apartments, a 151-unit affordable seniors housing community, located in Ironton, OH. Each of the units are designated for residents earning 30-60% area median income (AMI).  The project was awarded tax credits by the Ohio Housing Finance Agency (OHFA).

The property was built in 1978 and has a 15-year HAP contract that provides rental assistance to 150 of the 151 units.

Jeff Rodman of Key’s Commercial Mortgage Group and Kelly Frank of Key’s Community Development Lending (CDLI) group arranged the financing.

About Millennia Housing Development Ltd.

The Millennia Companies have years of experience in preserving and managing affordable housing for thousands of residents. The Millennia Companies have grown into an economically diverse organization with operations in eighteen states – Ohio, Kentucky, Michigan, Indiana, Iowa, Arkansas, Missouri, Kansas, Oklahoma, Texas, Alabama, Georgia, South Carolina, North Carolina, Virginia, West Virginia, Pennsylvania and New York. Since 2004, MHD has developed over 7,000 apartment units with a majority of its projects being comprehensive renovation of the apartment communities. MHD has extensive experience as a HUD Developer and Principal, having financed over 3,900 units using HUD/FHA financing.

About Key Community Development Lending and Investment

KeyBank Community Development Lending and Investment (CDLI) helps fulfill Key’s purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. Experts in complex tax credit lending and investing, Key is one of a handful of affordable housing lenders in the country with a platform that brings together balance sheet, equity, and permanent loan offerings. CDLI has a substantial investment and loan portfolio worth more than $2 billion, 90% of which is Low Income Housing Tax Credit (LIHTC) projects. For its ability to lend to, invest in, and serve its communities –especially low-to-moderate income communities – KeyBank has earned eight consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.

About KeyCorp

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $135.8 billion at June 30, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit KeyBank is Member FDIC.

Contact: Laura Mimura, 216-471-2883

Keywords: #KeyBank CDLI | #affordablehousing | Sustainable Finance & Socially Responsible Investment | CDLI | affordable housing | keybank

CAMPAIGN: Key Supports Affordable Housing

CONTENT: Press Release