KeyBank Community Development Lending and Investment (CDLI) recently provided $34.3 million in financing for the rehabilitation of six low-income apartment buildings in Chicago’s South Shore neighborhood. The funding was secured through the HUD 221(d)(4) Mortgage Insurance program, with Leslie Meyers and Robbie Lynn from KeyBank CDLI handling the structuring of the financing while Sam Adams from KeyBanc Capital Markets marketed the bonds.
The project, known as 6900 Crandon Apartments, will provide a total of 277 units for elderly, disabled, and family residents. Evergreen Real Estate Group is serving as sponsor for this development; they are a reputable real estate company that specializes in developing affordable housing across multiple states.
These properties are owned by a LIHTC partnership established by Housing and Human Development Corporation (HHDC), a non-profit organization dedicated to providing public housing options in Chicago. In addition to securing funding through LIHTC allocations from Illinois Housing Development Authority , HHDC also received tax-exempt bond allocations. The bonds were underwritten solely by KeyBanc Capital Markets for an amount totaling $55.1 million.
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