Chicago & Midwest + Greater Chicagoland + Finance | May 8, 2020

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.

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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 13-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 15-20 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).