KeyBank Provides $74.3M in Construction Financing for Affordable Housing Property in Columbus
COLUMBUS, OHIO — KeyBank Community Development Lending and Investment has provided $74.3 million in construction financing for Darby Crossing, an affordable housing property in Columbus. Indianapolis-based Kittle Property Group is the developer.
The 11-building property will include 60 one-bedroom units, 92 two-bedroom units, 84 three-bedroom residences, 24 four-bedroom apartments and two cottages. All units will be restricted to residents who earn up to 60 percent of the area median income. Amenities will include a clubhouse, pool house and 48 garage parking spaces. Construction has begun and is slated for completion by August 2025.
David Lacki and Greg Deeks of KeyBank structured the financing, which includes a $43.3 million construction loan to be followed by a $31 million private placement loan. Additionally, the Columbus-Franklin County Finance Authority issued $42.2 million in tax-exempt bonds and the Ohio Housing Finance Agency provided $21.3 million in low-income housing tax credits. The development also benefits from a tax abatement based on its location in a Community Reinvestment Area.