KeyBank Provides $22.6 Million of Financing For Two Affordable Housing Properties in Chicago
CLEVELAND, June 25, 2021 /3BL Media/ – KeyBank Community Development Lending and Investment (CDLI) provided a $22.6 million high leverage bridge loan for Evergreen Real Estate Group, a Chicago-based developer, acquirer and manager of affordable and market-rate multifamily communities, to acquire and preserve two contiguous affordable housing properties in Chicago that comprise 217 units. All but two of the units operate with a Housing Assistance Payment contract.
The transaction is part of a larger acquisition of six properties in Chicago that were built between 1920 and 1948. The bridge loan has an 18-month term to facilitate the acquisition.
David Lacki and Alton Tinker 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.
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.
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