KeyBank Provides $15.5M in Development Financing for Mixed-Income Property in Cleveland
CLEVELAND — KeyBank Community Development Lending & Investment has provided $15.5 million for the development of Glenville Circle North in Cleveland. KeyBank provided $5 million in New Market Tax Credit (NMTC) equity in addition to a $10 million leverage loan and a $456,000 project loan. Cleveland Development Advisors and Enterprise Community Investments supplied the NMTC allocation. Glenville Circle North will offer 63 mixed-income units as well as 13,950 square feet of retail and commercial space. Sixteen of the units will be set aside as affordable housing, while the remaining units will be rented at market rate. The Cleveland Citywide Development Corp. plans to lease approximately 4,275 square feet of the commercial space to minority-owned startups at little or no fixed rent to help spur additional investment in the surrounding community. The developer, The Finch Group, will use the remaining 9,675 square feet to launch an “accelerator” space for small business incubation. Kyle Kolesar and Ryan Olman of KeyBank originated the financing.