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KeyBank Secures $58M for Indianapolis Affordable
KeyBank Community Development Lending and Investment (CDLI) secured $27.7 million of construction financing, $13.2 million of 4% low-income tax credit equity and $18.4 million of Freddie Mac forward tax-exempt permanent financing on behalf of Herman & Kittle Properties to develop an affordable housing property in Indianapolis.
The Reserve at White River will comprise two four-story, elevator-serviced residential buildings; 14 cottage-style, single-story buildings; and a 5,000-square-foot clubhouse on 11 acres of land. The project will use income averaging to qualify all units for tax credits, and will be age-restricted, with 21 of the 210 units set aside for residents with special needs.
Kyle Kolesar and Victoria O’Brien of KeyBank CDLI and Robbie Lynn of Key’s Commercial Mortgage Group structured the financing.
“Despite the effects of the pandemic, we are consistently executing for our clients like HKP, with whom we have a strong relationship,” said Kolesar, team leader, KeyBank CDLI.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
