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Steele Properties Makes First Buy in San Antonio

KeyBank Community Development Lending and Investment (CDLI) secured $14.2 million of financing for Steele Properties to purchase and renovate an affordable housing property in San Antonio, its first in the market. Sarah Geis and Tim Gerstmann of the KeyBank CDLI team structured the financing.

Built in 1968, Pan American Apartments is a 100-unit, two-story family property that includes an early childhood education center on site that tenants can use. The property, which will undergo a significant renovation, will benefit from a project-based, HUD Section 8 rental subsidy contract on all 100 units.

KeyBank provided a tax-exempt construction and permanent bond loan. The San Antonio Housing Trust Public Facility Corporation issued the bonds. National Equity Fund provided $6 million of low-income housing tax credit equity.

Based in Denver, Steele Properties specializes in acquiring, rehabilitating and constructing affordable family, senior and disabled housing rental properties.

For comments, questions or concerns, please contact Paul Bubny

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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 16-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 7-10 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).

  • ◦Financing
  • ◦Sale/Acquisition
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