KeyBank Delivers $78M for Sacramento Development
Sacramento-based CFY Development secured $78 million of financing from KeyBank Community Development Lending and Investment (CDLI) and KeyBank Real Estate Capital (KBREC) for the development of a 159-unit affordable housing property in Sacramento. CDLI provided a $54.5 million construction loan, and KBREC secured a $23.3 million tax exempt loan from Freddie Mac with a fixed-rate forward commitment.
Scheduled to be completed in 2022, 1717 S. Street will be a six-story building featuring a mix of studio, one- and two-bedroom units, which will be restricted at 50% to 80% of the area median income.
Andrew Nathenson and Keven Ruf of KeyBank’s CDLI team and Jonathan Woodland and Jay Small of KBREC’s Commercial Mortgage Group structured the financing.
The project is another key piece in the long-term redevelopment of the R Street corridor as a vibrant, transit-oriented, mixed-use, mixed-income neighborhood. An additional benefit to the neighborhood and community is the environmental cleanup that will occur on the site during development.
For comments, questions or concerns, please contact Dennis Kaiser