KeyBank Provides $93M Financing for South LA Affordable
KeyBank Community Development Lending and Investment (CDLI) provided $92.9 million in financing for Broadway & Imperial, a new 166-unit affordable housing development in South Los Angeles. The financing package includes a $43.8-million construction loan and an $18-1 million federal Low-Income Housing Tax Credit equity investment from KeyBank CDLI. Key Commercial Mortgage Group arranged a $31-million Fannie Mae MTEB permanent loan, and KeyBanc Capital Markets underwrote a $31-million public bond issuance as part of the financing structure.
Broadway & Imperial is being developed by SoLa Impact, a Los Angeles-based social impact real estate firm focused on creating and preserving affordable housing in underserved communities. “Los Angeles continues to face a significant shortage of affordable housing,” said Robert Likes, president of KeyBank CDLI. “Broadway & Imperial will bring 166 affordable homes to South Los Angeles, and we’re pleased to provide financing for the development.”
Matthew Haas and Eileen Tran of KeyBank CDLI and Shana Daby of Key Commercial Mortgage Group arranged the financing. Alex Stekler of KeyBanc Capital Markets marketed the bonds.
Other News
North Hollywood Apartments Trade to Locally Based LLC
Marcus & Millichap has finalized the sale of 13103 Barbara Ann St., a 41-unit multifamily property in North Hollywood. The property sold for nearly $5.89 million, or $143,610 per unit, and closed escrow at a 5.7% cap rate based on in-place income. “The property had been under the same ownership for more than 30 years,...
Learn more
Charney Companies, Tavros Break Ground on Fifth Gowanus Development
Charney Companies and Tavros recently celebrated the groundbreaking of 175 Third St. in Gowanus, Brooklyn. The 27-story mixed-use tower, the newest addition to the Gowanus Wharf development, will house more than 1,000 apartments, approximately 250 of them affordable. Designed by Bjarke Ingels Group (BIG) and dencityworks, the project will also include a 28,000-square-foot public waterfront...
Learn more
JLL Arranges $276M Refi for Newport Beach Seniors Communities
JLL Capital Markets arranged $276 million in refinancing for Vivante Newport Center and Vivante Newport Mesa, a two-property seniors housing portfolio in Newport Beach. Senior managing director Greg Brown, assisted by senior managing director Aaron Rosenzweig worked on behalf of the borrower, an affiliate of Nexus Development, to secure two uncrossed loans for the portfolio....
Learn more
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout