KeyBank Structures $86.8M in Financing for Acquisition, Renovation of Affordable Housing Property in Columbus
COLUMBUS, OHIO — KeyBank has structured $86.8 million in financing for the acquisition and renovation of Crosswinds Village, a 232-unit affordable housing property in Columbus. Built in 1999, the property spans 21 buildings. Cleveland-based real estate development and construction firm PIRHL acquired the property in conjunction with the Columbus Metropolitan Housing Authority. The buyers plan to renovate the units and community areas as well as preserve the property’s affordable housing status. The renovation is scheduled for completion in summer 2022.
Kelly Frank and Ryan Olman of KeyBank Community Development Lending and Investment secured $49.4 million in acquisition and construction financing. Robbie Lynn of KeyBank’s Commercial Mortgage Group arranged a $23.8 million, fixed-rate Freddie Mac loan that will fund upon completion and stabilization of the project. Key Community Development Corp. provided $13.8 million of low-income housing tax credit equity and the Ohio Housing Finance Agency issued bonds.