KeyBank Provides $92.9 Million Financing for 166-Unit Los Angeles Affordable Housing Development

KeyBank··US·Read original
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Summary · why it matters

KeyBank Community Development Lending and Investment has provided $92.9 million in financing for Broadway & Imperial, a new 166-unit affordable housing development in South Los Angeles. The financing package includes a $43.8 million construction loan and an $18.1 million federal Low-Income Housing Tax Credit equity investment from KeyBank CDLI, while Key Commercial Mortgage Group arranged a $31 million Fannie Mae MTEB permanent loan and KeyBanc Capital Markets underwrote a $31 million public bond issuance as part of the structure. The project is being developed by SoLa Impact, a Los Angeles-based social impact real estate firm that has focused on developing and preserving housing in South Los Angeles since 2013. Located at the intersection of Broadway and Imperial Highway, the development will include 164 affordable apartments and two manager units in four- and five-story buildings, serving individuals and families earning between 30% and 70% of area median income. On-site supportive services will be provided by LifeSTEPS, and residents will also have access to programs offered by the SoLa Foundation, including opportunities through the SoLa Tech & Entrepreneurship Center Powered by Riot Games.

Impact on assets 3

Financials▲
KeyCorp
KEY
▲ PositiveCapitalrelevance

KeyBank CDLI provided $92.9M financing and its units arranged the Fannie Mae loan and bond issuance for the Broadway & Imperial project.

Fannie Mae
0IL0
▲ PositiveCapitalrelevance

Fannie Mae MTEB permanent loan of $31M was arranged as part of the financing structure.

Others▲

Off-coverage companies 3

SoLa Impacti
Private▲ PositiveCapitalrelevance

SoLa Impact is the developer of the 166-unit affordable housing project receiving the financing.

LifeSTEPSi
Private± Mixedrelevance

SoLa Foundationi
Private± Mixedrelevance