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KeyBank Arranges Development Financing for Petaluma Affordable 

KeyBank Community Development Lending and Investment (CDLI) provided a $31.7-million construction loan and KeyBanc Capital Markets provided a floating-to-fixed interest rate swap to develop an affordable multifamily property in Petaluma. 

Petaluma River Place includes a mix of one, two, and three-bedroom layouts for a total of 50 units available to households earning no more than 20%, 30%, and 60% of the area median income. The project sponsor, Burbank Housing Development Corporation, is an established nonprofit public benefit corporation founded in 1980.  

The project received local support via $23.7 million in financing from the California Department of Housing and Community Services and its California Housing Accelerator Program, $4.3 million from the HCD No Place Like Home Funds, and $5.7 million from the HCD Joe Serna Farmworker Housing Funds. 

Matthew Haas and Karen Roche of KeyBank CDLI structured the financing. Sam Donzelli of KeyBanc Capital Markets provided the interest rate swap. 

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KeyBank CDLI

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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