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K Avenue Lofts Nabs $40M Financing for Development
KeyBank Community Development Lending and Investment (CDLI) recently provided a $39.6 million private placement loan for MVAH Partners LLC, an affordable housing developer based in West Chester, OH. The financing will go to develop K Avenue Lofts, a mixed-income housing property in Plano.
The Plano Housing Authority issued the bonds and the Texas Department of Housing and Community Affairs awarded $12.03 million in tax credits. David Lacki and Alton Tinker of KeyBank’s CDLI team structured the financing.
The five-story building will contain 226 units, of which 79 percent will be affordable to tenants earning up to 60 percent of area median income and the remaining 21 percent will be market rate. The project amenities will include leasing office/clubhouse, craft room, fitness center, business center, media room, pet park, playground, covered picnic pavilion, laundry center and swimming pool. Unit amenities include washer and dryer connections, mini-blinds, ceiling fans, walk-in closets and a patio or balcony.
- ◦Financing
