KeyBank Real Estate Capital’s Community Development Lending and Investment team announced that it has provided tax-exempt debt to support the acquisition and renovation of a 100-unit affordable senior apartment community in Wichita, Kansas. Originally built in 1979, the seven-story building consists of only one-bedroom apartments, all of which are Section 8 units.
Sarah Geis and Tim Gerstmann structured the financing, which included a tax-exempt construction and permanent bond loan of $11.3 million. The city of Wichita issued the bonds, and the National Development Council provided $4.2 million of low-income housing tax credit equity. Denver-based real estate investment company Steele Properties (the buyer) plans to renovate the building’s exterior and add life-safety improvements.
