KeyBank Originates $39.5M Construction Financing for Affordable Housing Project in Minnetonka, Minnesota
MINNETONKA, MINN. — KeyBank Real Estate Capital has originated $39.5 million in construction financing for Legends of Minnetonka, an affordable housing property in Minnetonka. The project will consist of six stories and 262 age-restricted units. All of the units will be restricted to those earning up to 60 percent of the area median income. KeyBank provided a $32.4 million Freddie Mac tax-exempt loan and a taxable tail of $7.1 million. Jeff Rodman of KeyBank originated the fixed-rate financing. Upon conversion, the permanent loan will have a 15-year term and a 35-year amortization schedule.