KeyBank Community Development Lending and Investment (CDLI) and KeyBanc Capital Markets have provided a $71.8 million financing package for the development of Greenfield Commons Phase I, an affordable housing project in Salinas Valley. The project, consisting of 100 units, is being developed by EAH Housing Inc.
The financing was structured by Matthew Haas, Hector Zuniga, and Keven Ruf from KeyBank CDLI using construction lending and Fannie Mae agency debt. Additionally, Ila Afsharipour from KeyBanc Capital Markets Public Finance Group underwrote the bonds.
KeyBank CDLI supplied a $15.99 million taxable construction loan to secure Fannie Mae forward MBS Tax-Exempt Bond public bond offering as well as a $55.38 million tax-exempt direct purchase loan to bridge California Accelerator program funds. Meanwhile, KeyBanc Capital Markets purchased $55.4 million worth of 501c3 bonds and offered an interest rate swap derivative on both loans with floating-to-fixed rates included.
EAH also received funding amounting to $51
