KeyBank Finances the Construction of Affordable Housing for Low- to Moderate-Income Households in Portage, MI
Selinon Park Apartments to provide 75 new affordable units
CLEVELAND, December 20, 2018 /3BL Media/—KeyBank provided and arranged a total of $17.4 million in Low-Income Housing Tax Credit (LIHTC) financing to Full Circle Communities for the construction of Selinon Park Apartments, providing 75 affordable housing units serving households that earn 30% and 60% area median income (AMI) in Portage, MI.
Specifically, KeyBank’s Community Development Lending & Investment (CDLI) team provided a $13.5 million construction loan and KeyBank Real Estate Capital arranged a $3.9 million Freddie Mac taxable forward commitment permanent loan with a 15-year term and 35-year amortization schedule.
Stephen Sparks of KeyBank’s CDLI team and Jeff Rodman of KeyBank’s Commercial Mortgage Group worked together on the financing.
About Key Community Development Lending/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. For its ability to lend to, invest in, and serve its communities – especially low-to-moderate income communities – KeyBank has earned nine consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.
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'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 $138.8 billion at September 30, 2018. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of over 1,100 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 https://www.key.com/. KeyBank is Member FDIC.
Media Contact: Laura Mimura, laura.mimura@key.com, 216.471.2883
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