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Chicago & Midwest  + Midwest  + Finance  |  September 25, 2023
KeyBank Provides $72M for Housing Construction in California
Jasmine Kilman
By: Jasmine Kilman

KeyBank Provides $72M for Housing Construction in California

Cleveland-based KeyBank Community Development Lending and Investment (CDLI) and KeyBanc Capital Markets provided a $71.8 million financing package for Greenfield Commons Phase I, a 100-unit affordable housing project in Salinas Valley developed by EAH Housing Inc.

Matthew Haas, Hector Zuniga, and Keven Ruf of KeyBank CDLI structured the financing with construction lending and Fannie Mae agency debt. Ila Afsharipour of KeyBanc Capital Markets Public Finance Group provided the bond underwriting.

KeyBank CDLI provided a $15.99 million taxable construction loan to collateralize Fannie Mae forward MBS Tax-Exempt Bond public bond offering and a $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. 

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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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