Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
KeyBank Secures Michigan’s First Freddie Mac Tax-Exempt Loan
KeyBank Real Estate Capital (KBREC) secured 23.2 million of fixed-rate financing for Indianapolis-based Herman & Kittle Properties, Inc. (HKP) to develop an apartment property in Kentwood, MI. Reportedly it’s the first Freddie Mac tax exempt loan in Michigan by any lender.
HKP’s CityLine Apartments will be a 240-unit complex, built and operated according to the Section 42 Low Income Housing Tax Credit project program. The development comes at a time when local officials seek to add more housing with newer, modern amenities in the city.
“The closing couldn’t have been done without the extraordinary efforts and participation of the Michigan State Housing and Development Authority (MSHDA) and Freddie Mac,” said KBREC’s Robbie Lynn, who structured the financing. “By partnering with HKP and MSHDA, we were able to aid MSHDA’s mission by providing quality, affordable and diverse housing, which is a cornerstone for thriving communities.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
