KeyBank Provides a Total of $30.6 Million in Financing for Affordable Housing in Miami
CLEVELAND, August 30, 2017 /3BL Media/ - KeyBank Community Development Lending & Investment has provided a total of $30.6 million in financing to the Housing Trust Group of Coconut Grove, FL for the new construction of Princeton Park Apartments, a 150-unit LIHTC affordable apartment property located approximately 25 miles southwest of Miami. Specifically, KeyBank arranged a $23.3 million construction loan and a $7.3 million permanent loan through a Freddie Mac 9% LIHTC Forward Commitment product from its Targeted Affordable Housing platform.
Princeton Park Apartments will offer families of low to moderate income affordable housing options by restricting rents to 33% and 60% AMI. Eight units will be set aside for tenants with special needs, such as mental or physical disabilities or illness, and services will be provided for these tenants by the Sunshine Health Plan. The project will feature four three-story buildings, an open courtyard, swimming pool, green space, dog park and clubhouse with additional community space and amenities including a business center and fitness center.
Kyle Kolesar and Jeff Rodman of KeyBank’s Commercial Mortgage Group arranged the financing. The National Equity Fund acted as the tax credit investor and syndicator on the project.
About Key Community Development Lending and 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 eight 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 $135.8 billion at June 30, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 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.
Contact: Laura Mimura, laura.mimura@key.com (216) 471-2883
