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Chicago & Midwest  + Ohio  + Senior Housing  |  June 25, 2026
Jasmine Kilman
By: Jasmine Kilman

Keybank Provides $56M in Financing for Midwest Seniors Housing

KeyBank Community Development Lending and Investment (CDLI) provided a $16.5 million taxable construction loan, a $9.4 million federal LIHTC equity investment, and a $8.2 million state LIHTC investment on behalf of National Church Residences to finance the construction of Clover Glen II, a 96-unit affordable housing project for seniors in Galloway, Ohio. 

KeyBank Commercial Mortgage Group also provided a Freddie TEL permanent loan of $8.2 million. David Lacki and Ryan Olman of KeyBank CDLI structured the financing. Sam Adams and Alex Steckler of KeyBanc Capital Markets underwrote the bonds. KeyBanc Capital Markets served as bond underwriter and underwrote $13.82 million in tax-exempt bonds for the project. 

The project is a new construction senior LIHTC development that will feature one-bedroom, one-bathroom units with senior-oriented design and accessibility, such as handrails and grab bars. The four-story, single residential building’s amenities include a clubhouse, fitness center, central laundry, on‑site management, surface parking, and picnic areas.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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