SOURCE: KeyBank
DESCRIPTION:
CLEVELAND, June 23, 2021 /3BL Media/ – KeyBank Community Development Lending and Investment (CDLI) provided $20.6 million of capital for TWG, a real estate development company based in Indianapolis, to purchase and renovate an affordable housing property in Oklahoma City.
The capital includes a $9.3 million construction loan, $7 million of low-income housing tax credit equity from the Key Community Development Corporation and a $4.3 million permanent loan.
Built in 1973 on 6 acres of land, Hillcrest Green Apartments is a 96-unit Project Based Section 8 property comprised of nine buildings. Units include four studio, 20 one-bedroom, 40 two-bedroom and four four-bedroom floor plans. The renovation of the property will preserve housing stock targeting households that earn at or below 60% of the area median income in a stable neighborhood.
Kelly Frank and Ryan Olman of KeyBank’s CDLI team structured the financing.
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 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 $176.2 billion at March 31, 2021. 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 1,100 branches and more than 1,400 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.
KEYWORDS: keybank, affordable housing, NYSE:KEY
