KeyBank Community Development Lending and Investment (CDLI) has provided a total of $59 million in financing for the construction of The Grand and The Glen, two workforce affordable housing projects in Toledo, Ohio. This includes a $15.5 million construction loan, a $3.18 million permanent loan, and $17.7 million in low-income housing tax credits (LIHTC).
Derek Reed and David Lacki from KeyBank CDLI were responsible for structuring the financing for this project. The development will consist of 70 affordable family units spread across two sites – a vacant city-owned parcel and an underutilized parking lot.
The units will include one- to four-bedroom apartments and townhomes, providing diverse housing options for residents. This project aims to revitalize these previously unused parcels while bringing approximately $28 million worth of investment into the city.
Pivotal Housing Partners is the sponsor behind this development; they are an Ohio-based multifamily developer with LIHTC properties operating in 16 states.
In summary:
– KeyBank CDLI provided funding totaling at least $59M
– Derek Reed & David Lacki structured financing
– Two-site workforce affordable housing project located in Toledo OH called “The Grand” & “The Glen”
– Includes 70 affordable family units on vacant parcel & underutilized parking lot
– Units range from one to four bedrooms
– Aims to diversify housing options & inject approximately$28M into city’s economy
– Pivotal Housing Partners is sponsor/developer with LIHTC properties nationwide
