KeyBank Provides $24.5M Financing for Acquisition, Renovation of Affordable Housing Communities

NEW YORK CITY — KeyBank Community Development Lending and Investment (CDLI) has provided $24.5 million in financing for the acquisition and renovation of Highbridge Franklin and Twin Parks West, two New York City Housing Authority (NYCHA) properties in the Bronx. Together, the two properties total 647 units of permanent affordable housing. Both properties are part of NYCHA’s plan to finance, renovate and manage 1,700 apartment units across 17 developments under its Permanent Affordability Commitment Together (PACT) program. PACT is New York City’s implementation of the federal Rental Assistance Demonstration (RAD) program. KeyBank provided the financing to borrower Gilbane Development Co. Terms of the financing were not disclosed.