KeyBank Assembles Senior Team to Expand Affordable Housing Platform to All 50 States
Sets Goal to Double Business within Three Years
CLEVELAND, November 12, 2015 /3BL Media/ – Key’s Community Development Lending and Investment (CDL/I) segment today announced the assembly of six senior-level leaders who will focus on affordable housing, lead a team of more than 50 professionals, drive the expansion of Key’s affordable housing platform from 12 to 50 states, and double the size of the business in the next three years. They will work under Robert Likes, who was named national manager of Key’s CDL/I segment in June.
“I have great confidence in this new team; they are focused on our clients and will be instrumental in driving this segment to new heights,” said Likes. “We are one of the few banks in the country with a fully integrated platform that brings together balance sheet, equity and permanent loan products to affordable housing owners on a national basis. We’ve been very successful within our footprint and are now taking it to owner-operators across the country.”
John Gilmore IV, based in Manhattan, will lead growth in the eastern U.S.; Kelly Frank, based in Cleveland, will lead growth in the central U.S.; and Irena Edwards, based in Salt Lake City, will lead growth in the western U.S.. Cathy Danigelis and Greg Kiger will remain focused on Key’s 12-state footprint, with Cathy managing the Western region from Seattle, Washington, and Greg managing the Great Lakes and Eastern region from Key’s Columbus office. Kevin Nowak remains national equity investment manager for Key Community Development Corporation (KCDC), based in Cleveland. Key anticipates adding additional professionals in the next 12 months.
The team will build broad-based banking relationships with the country’s top affordable housing property owner-operators and developers seeking to build, acquire, and preserve affordable housing. Banking solutions will include construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low Income Housing Tax Credit (LIHTC) financing.
“Right now, there is an affordable housing crisis in the country, and affordable housing is quickly becoming its own asset class. In addition to the dire need for new buildings and the ongoing business of acquisition, much of this country’s older affordable housing stock is in a position to be renovated and preserved. The need for capital solutions is a virtually unlimited one that we can fill,” said Likes.
About Community Development Lending/Investment
KeyBank Community Development Lending and Investment helps KeyBank fulfill its purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. CLD/I currently has approximately $2 billion extended in the form of debt and equity, and Key Community Development Corporation alone has a portfolio valued at more than $1 billion, 90% of which is Low Income Housing Tax Credit investment. For its ability to lend to, invest in, and serve its communities, especially low-to-moderate income communities, KeyBank, as of its last exam, was the first top U.S. bank to have earned eight “Outstanding” ratings from the Office of the Comptroller of the Currency (OCC), for exceeding the terms of the Community Reinvestment Act (CRA) exam. CDL/I is a sub-segment of KeyBank Real Estate Capital.
About KeyBank Real Estate Capital
KeyBank Real Estate Capital is a leading provider of commercial real estate finance. Its professionals, located across the country, provide a broad range of financing solutions on both a corporate and project basis. The group provides interim and construction finance, permanent mortgages, commercial real estate loan servicing, investment banking and cash management services for virtually all types of income producing commercial real estate. As a Fannie Mae Delegated Underwriter and Servicer, Freddie Mac Program Plus Seller/Servicer and FHA approved mortgagee, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including affordable housing, seniors housing and student housing. KeyBank Real Estate Capital is also one of the nation’s largest and highest rated commercial mortgage servicers.
About KeyCorp
KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key has assets of approximately $95.4 billion, as of Oct. 15, 2015. Key provides deposit, lending, cash management and investment services to individuals, small and medium-sized businesses under the name of KeyBank National Association. 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 https://www.key.com/. KeyBank is Member FDIC.
