KeyBank Provides Bridge Loan to Renovate Section 8 Complex
KeyBank Community Development Lending and Investment secured a $2.6-million equity bridge loan on behalf of Evergreen Real Estate Group to renovate Park Tower, an affordable housing property in Joliet, IL.
Park Tower is a 134-unit, 14-story complex. All units, which are one-bedroom configurations, are targeted to seniors 62 and older. The property will undergo a $40,000-per-unit renovation.
A Section 8 contract on 100% of the units was extended for 20 years in conjunction with the rehabilitation. The Illinois Housing Development Authority was the bond issuer.
David Lacki and Alton Tinker of KeyBank’s Community Development Lending Group arranged the financing. Based in Chicago, Evergreen develops, acquires and manages affordable and market-rate multifamily communities.
For comments, questions or concerns, please contact Paul Bubny