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Chicago & Midwest  + Midwest  + Finance  | 

KeyBank Arranges Acquisition Loan for Columbus Affordable

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.
 

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Sale/Acquisition
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