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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.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Financing
  • ◦Development
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