A new affordable seniors housing community is going up in Columbus with construction financing now in hand. KeyBank Community Development Lending and Investment arranged the $93 million in construction financing, which consisted of a $43.3 million construction loan, $23.8 million in low-income housing tax credit financing, and a $25.9 million Forward Fannie mortgage-backed securities (MBS) as collateral for a tax-exempt bonds permanent loan.
Known as The Caravel, the community will consist of 234 units for residents aged 55 and older who earn at or below 50%, 60% and 70% of the area median income (AMI). Kittle Property Group is developing the property in partnership with Homeport, a not-for-profit developer of affordable housing in central Ohio. Homeport will also 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.
