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KeyBank Secures $29M for Affordable Housing Community in West Palm Beach

KeyBank has secured $29.2 million in financing on behalf of multifamily developer Housing Trust Group to build Flagler Station, a 94-unit affordable housing property in West Palm Beach.

Located at 991 Banyan Blvd., the community will consist of an eight-story apartment building with 94 one-, two- and three-bedroom units. Units will be restricted to those earning 30% to 80% of the area median income. The property will also include a two-story parking garage with 80 spaces, a leasing office, fitness center and community room.

Kyle Kolesar, Mimi Brennan and Robbie Lynn of KeyBank secured the financing on behalf of HTG. KeyBank Community Development Lending and Investment (CDLI) secured a $20.3 million construction loan and KeyBank’s Commercial Mortgage Group secured an $8.9 million Freddie Mac forward commitment permanent loan. Additionally, the County of Palm Beach has committed $625,000 of soft financing that will close simultaneously with the construction loan and pay a portion of construction costs.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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