KeyBank has recently provided $71.8 million in financing for the development of Greenfield Commons Phase 1, an affordable housing project located in Greenfield, CA. The funding was made possible through a combination of direct bank debt and Fannie Mae M.TEBs.
The project is being developed by EAH Housing, Inc and will consist of 99 family units and one manager unit. KeyBank’s Community Development Lending and Investment (CDLI) division contributed a $15.99 million taxable construction loan to support the Fannie Mae forwardMBS Tax-Exempt Bond public bond offering, as well as a $55.38-million tax-exempt direct purchase loan to bridge California Accelerator program funds.
In addition to this financing from KeyBank, EAH also received $51.3 million from the California HCD Accelerator funds with an additional $4.6 million from the California Accelerator Supplemental funds.
This significant investment by KeyBank demonstrates their commitment to supporting affordable housing initiatives in underserved communities like Greenfield, CA.
