KeyBank Community Development Lending and Investment has assembled a $92.9 million financing package for Broadway & Imperial, a planned affordable housing community in South Los Angeles. The capital stack supports development of 166 income-restricted apartments and combines construction debt, tax credit equity, an agency permanent loan and a public bond component.
The structure includes a $43.8 million construction loan provided by KeyBank Community Development Lending and Investment, targeted to fund the ground-up development phase. In addition, the KeyBank platform is investing $18.1 million in federal Low-Income Housing Tax Credit equity, supporting the project’s affordability profile and long-term capital needs.
Permanent financing is being supplied through the agency market. Key Commercial Mortgage Group arranged a $31 million Fannie Mae MTEB permanent loan, adding long-term fixed-rate debt to the capital stack once construction is complete and the property stabilizes. Complementing the senior and agency components, KeyBanc Capital Markets underwrote a $31 million public bond issuance, further diversifying the project’s funding sources.
Broadway & Imperial is being developed by SoLa Impact, a Los Angeles-based social impact real estate firm that focuses on creating and preserving affordable housing in underserved communities. The project is intended to help address the shortage of attainable rental housing in South Los Angeles by adding 166 new affordable homes to the area’s multifamily stock.
Speaking to the broader housing context, Robert Likes, president of KeyBank Community Development Lending and Investment, noted that Los Angeles continues to experience a significant shortfall of affordable units. He highlighted Broadway & Imperial as an example of how specialized lending platforms can support both community needs and the delivery of new affordable product through tailored financing solutions.
The financing effort was coordinated across several KeyBank-related business lines and an external mortgage firm. Matthew Haas and Eileen Tran of KeyBank Community Development Lending and Investment, together with Shana Daby of Key Commercial Mortgage Group, were responsible for arranging the overall financing package. On the capital markets side, Alex Stekler of KeyBanc Capital Markets led the marketing of the public bond issuance.
By combining construction financing, tax credit equity, agency debt and bonds, the Broadway & Imperial capital structure illustrates the multi-layered approach often required to capitalize large-scale affordable housing developments in major urban markets. The transaction also underscores the continued role of bank community development platforms and the agency market in supporting new affordable multifamily supply.
