KeyBank secured $86.8 million of capital for PIRHL to acquire and renovate Crosswinds Village, a 232-unit apartment community in Columbus, OH. The borrower is a real estate development and construction firm based in Cleveland that specializes in affordable and workforce multifamily projects.
PIRHL and the Columbus Metropolitan Housing Authority acquired the property and plan to renovate the units and preserve the property’s affordability. The renovation will include improvements to the apartment units, building exteriors and community areas.
KeyBank Community Development Lending and Investment’s Kelly Frank and Ryan Olman secured $49.4 million in acquisition and construction financing. Robbie Lynn of KeyBank’s Commercial Mortgage Group secured a $23.8-million fixed-rate Freddie Mac tax exempt loan that will fund upon completion and stabilization of the project.
To complete the One Key solution, Key Community Development Corporation provided $13.8 million of low-income housing tax credit equity. The Ohio Housing Finance Agency issued the bonds.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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