“KeyBank Secures $41M for Beacon Affordable Multifamily Housing”

"KeyBank Secures $41M for Beacon Affordable Multifamily Housing"

KeyBank Community Development Lending and Investment recently arranged financing for the acquisition and rehabilitation of Tompkins Terrace, a multifamily property in Beacon, New York. The $41 million financing package includes $17.1 million in Low Income Housing Tax Credit equity and a $24.1 million permanent loan through Fannie Mae’s MBS Tax-Exempt Bond program.

Tompkins Terrace offers 193 units for households earning up to 50% and 60% of the area median income (AMI). The property features various amenities as well as supportive services such as an on-site food pantry and meal deliveries. Related Affordable, a real estate development company specializing in affordable housing projects, is the project sponsor.

This funding was made possible by KeyBanc Capital Markets’ sale of tax-exempt MTEB bonds. This investment will help provide much-needed affordable housing options for low-income families in Beacon without mentioning any specific organizations or events.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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