KeyBank Provides $93M Financing for South LA Affordable

KeyBank Community Development Lending and Investment (CDLI) 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 a $18.1 million federal Low-Income Housing Tax Credit equity investment from KeyBank CDLI. 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 financing structure.

Broadway & Imperial is being developed by SoLa Impact, a Los Angeles-based social impact real estate firm focused on creating and preserving affordable housing in underserved communities. “Los Angeles continues to face a significant shortage of affordable housing,” said Robert Likes, president of KeyBank CDLI. “Broadway & Imperial will bring 166 affordable homes to South Los Angeles, and we’re pleased to provide financing for the development.”

Matthew Haas and Eileen Tran of KeyBank CDLI and Shana Daby of Key Commercial Mortgage Group arranged the financing. Alex Stekler of KeyBanc Capital Markets marketed the bonds.