KeyBank Structures $29.3M in Construction Financing for Affordable Housing Property in Wisconsin

Limestone Ridge Apartments will feature 116 units.

FITCHBURG, WIS. — KeyBank has structured $29.3 million in financing for the construction of Limestone Ridge Apartments in Fitchburg, a suburb of Madison. The four-story project will be home to 116 units that are designated for households earning between 50 and 80 percent of the area median income. Madison-based JT Klein Co. is the developer. KeyBank Community Development Lending and Investment provided a $16 million construction loan, while KeyBank’s Commercial Mortgage Group originated a $13.3 million Freddie Mac forward tax-exempt loan. Additionally, Cinnaire is providing a 4 percent low-income housing tax credit investment of $6 million and HUD and Dane County are providing $4.3 million of soft funding. Steve Sparks of KeyBank’s CDLI team and Robbie Lynn of KeyBank’s Commercial Mortgage Group structured the financing. Completion of the project is slated for October 2022.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

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