KeyBank has recently provided $71.8 million in financing for the construction and permanent phases of Greenfield Commons Phase 1, an affordable housing project located in Greenfield, CA. The project is being developed by EAH Housing, Inc., with a total of 100 units including one manager unit and 99 family units.
The financing was made possible through a combination of direct bank debt and Fannie Mae M.TEBs (Multifamily Tax-Exempt Bonds). KeyBank CDLI contributed a taxable construction loan worth $15.99 million to support the Fannie Mae forwardMBS Tax-Exempt Bond public bond offering, as well as a tax-exempt direct purchase loan worth $55.38 million to bridge funds from California’s Accelerator program.
In addition to this funding from KeyBank, EAH also received $51.3 million from California HCD Accelerator funds along with an extra $4.6 million from the state’s Supplemental fund for accelerators.
This significant investment by KeyBank will help provide much-needed affordable housing options in Central Valley while supporting community development initiatives.
