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Chicago & Midwest  + Midwest  + Apartments  |  January 17, 2025
Jasmine Kilman
By: Jasmine Kilman

KeyBank Secures $59M for Ohio Housing Projects

KeyBank Community Development Lending and Investment (CDLI) provided a $15.5 million construction loan, a $3.18 million permanent loan and $17.7 million in low-income housing tax credit (LIHTC) to finance the new construction of The Grand and The Glen, a two-site workforce affordable housing project in Toledo, Ohio.

Derek Reed and David Lacki of KeyBank CDLI structured the financing for the transaction. The Grand and Glen will introduce 70 affordable family units to a vacant city-owned parcel and an underutilized parking lot. The project will offer a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. The sponsor, Pivotal Housing Partners, is an Ohio-based multifamily developer and property management company with LIHTC properties operating in 16 states.

KeyBank also provided a $9.8 million construction loan, a $3.7 million permanent loan and $9.4 million in low-income housing tax credit (LIHTC) financing for construction of Jalen Lofts, a new 66-unit workforce and affordable housing community in Trotwood, a suburb of Dayton, Ohio.

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KeyBankPivotal Housing Partners

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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