KeyBank Provides $41.2 Million of Financing for Affordable Multifamily Housing in New York
CLEVELAND, October 13, 2023 /3BL/ – KeyBank Community Development Lending and Investment (CDLI) provided $17.1 million in Low Income Housing Tax Credit (LIHTC) equity and a $24.1 million permanent loan through the Fannie Mae forward MBS Tax-Exempt Bond (MTEB) program for the acquisition and rehabilitation of Tomkins Terrace, an affordable multifamily property in Beacon, New York. The $24.1 million of tax-exempt MTEB bonds were sold by KeyBanc Capital Markets.
Tompkins Terrace is a 193-unit garden-style apartment community available to households earning no more than 50% and 60% of the area median income (AMI). Of the total units, 61 of them will benefit from the Section 8 Housing Assistance Program (HAP) program. Situated on 16.32 acres, the property will offer amenities such as central laundry, a clubhouse and community room, a playground, off-street surface parking, on-site management, and central A/C. Tompkins Terrace was originally constructed in 1973 and received previous renovations in 2008.
The project sponsor, Related Affordable, LLC (“Related”), is an experienced real estate development company headquartered in New York with a focus on affordable and market-rate multifamily projects.
Residents will have access to supportive services through an on-site management team, in partnership with Related Affordable Foundation, to provide an on-site food pantry and meal deliveries to help address food insecurity.
Tompkins Terrace is located near the Hudson River and less than a mile from local amenities, including bus stops, a police department, riverfront park, train station, fire department, a bank, gas station, and elementary school. The Metro-North Railroad station in Beacon offers transit throughout the region and is located less than half of a mile south of the property.
Anna Belanger and Nicholas Hoffer of KeyBank CDLI structured the financing. Sam Adams of KeyBanc Capital Markets marketed the MTEB bonds.
About KeyBank Community Development Lending and Investment
KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank’s platform brings together 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. KeyBank has earned 10 consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act’s passage in 1977.
About KeyBanc Capital Markets
KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to dynamic companies capitalizing on opportunities in changing industries. Our deep industry expertise, broad capabilities and unique ideas are seamlessly delivered to companies across the Consumer & Retail, Diversified Industries, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables, and Technology verticals. With over 800 professionals across a national platform, KeyBanc Capital Markets has more than $50 billion of capital committed to clients and an award-winning Equity Research team that provides coverage on nearly 600 publicly traded companies. Securities products and services are offered by KeyBanc Capital Markets Inc., member FINRA/SIPC, and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services, are offered by KeyBank N.A.
About KeyCorp
KeyCorp's roots trace back nearly 200 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 $195 billion at June 30, 2023. 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 1,000 branches and approximately 1,300 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.
