KeyBank Real Estate Capital and KeyBanc Capital Markets worked on behalf of National Church Residences to secure acquisition financing for the not-for-profit’s renovation of an affordable senior apartment community in Cleveland, Ohio. Built in 1976, the community sits on two acres next to the Cleveland Clinic. It features 12 stories and 171 total Section 8 units, which came in one- or two-bedroom configurations. National Church Residences’ renovation project will preserve the building as affordable housing in the long term.
So, KeyBank provided $14 million in HUD construction financing, with a 40-year term, and also sold $17 million of required tax-exempt bonds. In addition, KeyBank Community Development Corporation provided $10 million of low-income housing tax credit equity to purchase credits awarded to the project. Robbie Lynn, Kelly Frank and Ryan Olman structured the financing, while Sam Adams led the sale and structuring of the publicly offered tax-exempt bonds.
