KeyBank Provides $87M for Revitalization of Two Affordable Housing Developments in Cincinnati
CINCINNATI — KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment have provided a total of $87 million for the acquisition and revitalization of two affordable housing developments in Cincinnati. Avondale Properties is a Section 8 development that includes Burton Apartments, Entowne Manor, Founders Home and Georgia Morris, containing a total of 209 units that are scattered along a main thoroughfare in the Avondale neighborhood. Alms Hill Apartments is a single building that contains 200 affordable units. Both properties are more than 40 years old.The borrower, Related Cos., plans to keep all 409 units as affordable for families earning up to 60 percent of the area median income.
Between the two developments KeyBank provided $21 million in low-income housing tax credit equity, $38 million in construction financing and $28 million in Fannie Mae financing. The Ohio Housing Finance Agency issued the tax-exempt bonds. KeyBanc Capital Markets underwrote the publicly offered tax-exempt bonds. Victoria O’Brien, Kyle Kolesar, Dirk Falardeau and Sam Adams of KeyBanc Capital Markets arranged the financing.