KeyBank Provides $22.6M Bridge Loan for Two Affordable Housing Properties in Chicago
CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided a $22.6 million bridge loan on behalf of Evergreen Real Estate Group. The loan will be utilized to acquire and preserve two contiguous affordable housing properties totaling 217 units in Chicago. All but two of the units operate with a Housing Assistance Payment contract. The transaction is part of a larger acquisition of six properties in Chicago that were built between 1920 and 1948. David Lacki and Alton Tinker of KeyBank’s CDLI team structured the 18-month loan.