Columbia Residential Secures $49M for Tallahassee Affordable Community
Columbia Residential, a partner of the Tallahassee Housing Authority, has secured $49 million in financing to construct an affordable housing property in Tallahassee, FL.
Reginald Fenn of KeyBank Community Development Lending and Leslie Meyers of KeyBank Real Estate Capital structured the financing, which included a $33-million construction loan from KeyBank Community Development Lending and a $15.9-million Freddie Forward Commitment permanent loan.
The project also received support from RBC, which provided a $19.5 million equity investment through the low-income housing tax credit program, as well as approval from the Tallahassee Housing Authority, for Project-Based Voucher Assistance.
The property, Magnolia Family ll, includes a total of 160 units of which 128 units will meet income restricted requirements of 33% and 60% or less of AMI. The remaining 32 units will remain at market rate value.
Magnolia Family II is the second phase of the redevelopment of a public housing complex operated by the Tallahassee Housing Authority, which was originally constructed between 1971 and 1972. CDLI and KBREC also provided financing for Magnolia Family Phase I.