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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.
- ◦Development
- ◦Financing


