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Chicago & Midwest  + Midwest  + Finance  |  June 1, 2023
Paul Bubny
By: Paul Bubny

KeyBank Provides $30M for Cleveland Foundation’s Midtown Collaboration Center

KeyBank Institutional Advisors and KeyBank Community Development Lending and Investment (CDLI) provided $30 million of financing to the Cleveland Foundation (TCF). The financing funds the construction of the 95,000-square-foot Midtown Collaboration Center located in Cleveland’s MidTown and historic Hough neighborhoods. The Center will be adjacent to TCF headquarters.  

KeyBank Institutional Advisors provided a $23.7-million loan to fund the new construction of the Center, while KeyBank CDLI provided a $6.3-million equity investment in the New Market Tax Credits. Partners in this project include Case Western Reserve University, University Hospitals, the Cleveland Institute of Art, Hyland Software, and the Economic & Community Development Institute, the country’s largest SBA micro lender. 

Ryan Olman at KeyBank CDLI said, “KeyBank is investing in this neighborhood with a commitment of capital for sustainable, inclusive, and equitable development. We are pleased to partner with the Cleveland Foundation to transform and strengthen Cleveland’s neighborhoods and communities.”

Meet industry experts at the upcoming Connect Midwest: Multifamily and Adaptive Reuse Trends, which takes place June 13, 2023 at the W Chicago City Center Hotel. Click here for more information and to register. 

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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).
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