New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
KeyBank Secures $41M for Beacon Affordable MF Housing
KeyBank Community Development Lending and Investment has facilitated a financing package for the acquisition and rehabilitation of Tompkins Terrace, an affordable multifamily property in Beacon, New York.
The financing includes $17.1 million in Low Income Housing Tax Credit equity and a $24.1 million permanent loan through the Fannie Mae forward MBS Tax-Exempt Bond (MTEB) program. The tax-exempt MTEB bonds were sold by KeyBanc Capital Markets.
Tompkins Terrace consists of 193 units available to households earning up to 50% and 60% AMI. The property offers various amenities and will provide supportive services, including an on-site food pantry and meal deliveries. The project sponsor is Related Affordable, a real estate development company specializing in affordable and market-rate multifamily projects.
For up-to-the-minute insights on the state of the market and what’s next in the current cycle, be sure to attend Connect Investment & Finance 2023 on Oct. 24 at the Hyatt Regency O’Hare in Rosemont, IL. Click here to register.
- ◦Financing
