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KeyBank finances 166-unit affordable housing project in South Los Angeles
The deal totals $92.9 million, including a $43.8 million construction loan and $18.1 million in Low-Income Housing Tax Credit equity.
KeyBank Community Development Lending and Investment provided $92.9 million in financing for Broadway & Imperial, a new affordable housing development in South Los Angeles.
The package includes a $43.8 million construction loan and $18.1 million in federal Low-Income Housing Tax Credit equity investment from KeyBank CDLI.
Key Commercial Mortgage Group arranged a $31 million Fannie Mae MTEB permanent loan, and KeyBanc Capital Markets underwrote a $31 million public bond issuance as part of the overall financing structure.
Broadway & Imperial is a 166-unit project being developed by SoLa Impact, a Los Angeles-based social impact real estate firm focused on creating and preserving affordable housing, according to ConnectCRE.