KeyBank Provides $10.4 Million in Financing for Affordable Housing Expansion in Miami

CLEVELAND, July 10, 2018 /3BL Media/ — KeyBank Community Development Lending & Investment (CDLI) provided a $10.4 million bridge loan to Affordable Housing Development Services, LLC (AHDS) for the acquisition of Ocean King Apartments, an 82-unit project located in North Miami, FL. Ocean King Apartments is currently operating at market rate and will be transitioned to an affordable community that will serve individuals earning up to 60% area median income (AMI). 

“KeyBank is proud to partner with AHDS in their mission to expand affordable housing in high-cost markets, such as Miami,” said Tiffany Durr, Relationship Manager of KeyBank Real Estate Capital. “The conversion of Ocean King to an affordable community demonstrates a long-term commitment to improving access to housing for low- and moderate-income households.”

Ocean King currently offers studio, one- and two-bedroom units and provides on-site daycare and community services. AHDS is a fully integrated owner and developer of real estate based in Miami, Fla., with a focus on the preservation and expansion of affordable housing in the U.S.

“Ocean King has great potential to be a signature community redevelopment property for both the city of North Miami and the largely Haitian Creole community, which it serves. The property meets our objective to create, renovate and foster affordable housing, and we selectively partnered with KeyBank because they clearly understood and supported our investment,” said Dan Charleton, Senior Principal Partner of AHDS. “KeyBank’s well-integrated approach toward client service demonstrates their commitment to investing in affordable housing. This project is a result of their faith and support in us and affordable housing creation.”

Tiffany Durr and Robbie Lynn of Key’s CDLI team arranged 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. 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 nine 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 $137.0 billion at March 31, 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 approximately 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 https://www.key.com/. KeyBank is Member FDIC.

About AHDS

AHDS is a 2017 formed entity and collaboration of experienced affordable housing developers, debt underwriters, low-income housing tax credit analysts and multifamily focused investment partners. AHDS partners and staff have deep backgrounds in multifamily housing, especially affordable and with special interest in non-profit integrated partnership structures. The focus is national in scope yet targeted toward urban in-fill market settings and both the preservation and creation of affordable housing. For more information – or to contact AHDS – visit https://www.ahdsite.com.