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KeyBank Provides $72M Financing for Central Valley Affordable
KeyBank Community Development Lending and Investment (CDLI) and KeyBanc Capital Markets provided $71.8 million construction and permanent 501(c)(3) bond financing utilizing a combination of direct bank debt and Fannie Mae M.TEBs for Greenfield Commons Phase 1, a 100-unit affordable housing project, located in Greenfield, CA, 33 miles southeast of Salinas.
The project is being developed by EAH Housing, Inc, and includes 99 family units and one manager unit. KeyBank CDLI provided a $15.99 million taxable construction loan to collateralize Fannie Mae forwardMBS Tax-Exempt Bond public bond offering and $55.38-million tax-exempt direct purchase loan to bridge California Accelerator program funds.
KeyBanc Capital Markets purchased $55.4 million of 501c3 bonds and provided a floating-to-fix interest rate swap derivative on both loans.
EAH also received $51.3 million from the California HCD Accelerator funds, with an additional $4.6 million from the California Accelerator Supplemental funds.
Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.
- ◦Development
- ◦Financing
