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KeyBank Provides $14.3M Construction Loan for Conversion of Former School into Affordable Housing in Nebraska

PLATTSMOUTH, NEB. — KeyBank Community Development Lending and Investment has provided a $14.3 million construction loan for the conversion of a former high school building into affordable housing in Plattsmouth, a southern suburb of Omaha. Named Lofts on Main, the project consists of the adaptive reuse of the school as well as a ground-up building. The development will include 41 units, 32 of which will be restricted to residents who earn up to 60 percent of the area median income.

Ted Witt and Samantha Yates of KeyBank structured the financing. Additionally, WNC provided $7.5 million in federal low-income housing tax credit (LIHTC) and historic tax credit funding. Advantage Capital provided $3.6 million in state LIHTC and historic tax credit funding. The Nebraska Investment Finance Authority and the City of Plattsmouth also provided funds.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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