KeyBank to Provide $13M in Financing for Mixed-Use Development in Cleveland

Mar 18, 2021 9:00 AM ET

Campaign: Key Supports Affordable Housing

Rendering of Vía Sana — “healthy way” in Spanish — which will host 72 affordable rental apartments (background at right) and an on-site job training center (foreground) at W. 25th Street and Sackett Avenue. Image courtesy RDL Architects

Originally published on Cleveland Business Journal

By Mary Vanac

KeyBank has put together $13 million in financing for NRP Group's affordable housing development on the campus of MetroHealth in the Clark-Fulton neighborhood of Cleveland.

KeyBank Community Development Lending and Investment secured a $9.5 million construction loan for the mixed-use project called Vía Sana, KeyBank said in a statement.

KeyBank's Commercial Mortgage Group also arranged a $3.3 million "forward commitment" for a permanent loan from Freddie Mac.

NRP and MetroHealth broke ground in February on the $60-million project that will include 72 affordable rental apartments, retail space and an on-site job training center at W. 25th Street and Sackett Avenue, according to the trio of developers, which includes MetroHealth's nonprofit affiliate CCH Development Corp.

KeyBank to Provide $13M in Financing for Mixed-Use Development in Cleveland

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