KeyBank Provides $56M in Financing for Midwest Seniors Housing
KeyBank Community Development Lending and Investment (CDLI) provided a $16.5 million taxable construction loan, a $9.4 million federal LIHTC equity investment, and a $8.2 million state LIHTC investment on behalf of National Church Residences to finance the construction of Clover Glen II, a 96-unit affordable housing project for seniors in Galloway, Ohio.
KeyBank Commercial Mortgage Group also provided a Freddie TEL permanent loan of $8.2 million. David Lacki and Ryan Olman of KeyBank CDLI structured the financing. Sam Adams and Alex Steckler of KeyBanc Capital Markets underwrote the bonds. KeyBanc Capital Markets served as bond underwriter and underwrote $13.82 million in tax-exempt bonds for the project.
The project is a new construction senior LIHTC development that will feature one-bedroom, one-bathroom units with senior-oriented design and accessibility, such as handrails and grab bars. The four-story, single residential building’s amenities include a clubhouse, fitness center, central laundry, on‑site management, surface parking, and picnic areas.
Other News
JLL Arranges Financing for Lightstone Acquisition on Upper West Side
JLL Capital Markets arranged acquisition financing for Lightstone’s purchase of 323 W. 96th St., a 174-unit multifamily property on Manhattan’s Upper West Side. Senior managing director Peter Rotchford and managing director Michael Shmuely worked on behalf of Lightstone to secure the financing from MF1, a wholly owned subsidiary of Berkshire Residential Investments. Lightstone is acquiring...
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National City Investment Group Commences Workforce Housing Build
The National City Investment Group, a locally owned, privately held real estate investment company, recently broke ground on Market View, a 120-unit multifamily residential community located at 303 Highland Ave. in National City. The development will transform an underutilized parking lot adjacent to Manolo Farmers Market, which has served National City for more than 33...
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Levin Johnston Closes Apartment Sale in One of San Jose’s Strongest Submarkets
Levin Johnston of Marcus & Millichap recently completed the sale of First Street Manor, a 39-unit apartment community in San Jose. Executive managing directors Adam Levin and Robert Johnston, along with senior director, investments Cole Simpson, represented the seller and procured the buyer in the $9.112-million transaction. The Levin Johnston team demonstrated the asset’s upside...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout