KeyBank provides $49m of financing for affordable housing construction in Florida
KeyBank Community Development Lending and Investment (CDLI) and KeyBank Real Estate Capital (KBREC) provided $49 million of financing for Columbia Residential, a partner of the Tallahassee Housing Authority, to construct an affordable housing property in Tallahassee, Fla.
CDLI provided a $33 million construction loan and a $15.9 million Freddie Forward Commitment permanent loan to fund the new construction of Magnolia Family II. The property includes a total of 160 units, of which 128 units will meet income restricted requirements of 33 percent and 60 percent or less of the area median income (AMI). The remaining 32 units will remain at market rate value.
The project also received support from RBC, which provided a $19.5 million equity investment through the low-income housing tax credit (LIHTC) program, as well as approval from the Tallahassee Housing Authority, for Project-Based Voucher Assistance.
Magnolia Family II is the second phase of the redevelopment of