Keybank Arranges $93m In Construction Financing For Affordable Seniors Housing Development In Columbus, Ohio

COLUMBUS, Ohio — KeyBank Community Development Lending and Investment (CDLI) has arranged a total of $93 million in construction financing for a new affordable seniors housing community in Columbus. 

Dubbed The Caravel, the community will feature 234 units for residents age 55 and older who earn at or below 50, 60 and 70 percent of the area median income (AMI). Of the garden-style apartments, 25 will be fully accessible, and all units will be adaptable for residents with ADA needs. 

KeyBank provided a $43.3 million construction loan and $23.8 million in low-income housing tax credit (LIHTC) financing for the project, as well as secured a $25.9 million Forward Fannie mortgage-backed securities (MBS) as collateral for tax-exempt bonds (MTEB) permanent loan. 

Kittle Property Group (KPG) is the developer and borrower. KPG is partnering with Homeport, a nonprofit developer of affordable housing in central Ohio, on the project. Homeport will provide a service coordinator to connect residents with community resources. 

Derek Reed and David Lacki of KeyBank CDLI structured the financing, and Robbie Lynn of KeyBank Commercial Mortgage Group arranged the permanent loan placement. 

The post KeyBank Arranges $93M in Construction Financing for Affordable Seniors Housing Development in Columbus, Ohio appeared first on Seniors Housing Business.