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Chicago & Midwest  + Midwest  + Finance  | 
KeyBank provided $74 million in financing to Kittle Property Group for the development of Darby Crossing, an affordable multifamily project in Columbus, OH

KeyBank Furnishes $74M Financing on Columbus Affordable Project 

KeyBank Community Development Lending and Investment is providing $74 million of financing to help Indianapolis-based Kittle Property Group develop Darby Crossing, a 260-unit affordable housing community in Columbus, OH.  

The financing from KeyBank includes a $43.3-million construction loan to be followed by a $31-million private placement loan. In addition, $42.2 million in tax-exempt bonds were issued by the Columbus-Franklin County Finance Authority, and $21.3 million in low-income housing tax credits were provided by the Ohio Housing Finance Agency. The development also benefits from a tax abatement based on its location in a Community Reinvestment Area. 

David Lacki and Greg Deeks of KeyBank structured the financing. Darby Crossing will include two one-story cottages and 11 two- and three-story walk-up buildings on 32.7 acres of land. All units will be income- and rent-restricted at 60% of area median income. 

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KeyBank's LackiKittle Property Group

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).

  • ◦Development
  • ◦Financing
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