KeyBank has announced that it is providing $ 18.6 million in financing to the NRP Group for the construction of an 88-unit affordable apartment building in Cleveland.
KeyBank Community Development Lending and Investment (CDLI) secured a $ 12.5 million construction loan, and KeyBank’s Commercial Mortgage Group arranged a $ 6.1 million term commitment for a Freddie Mac permanent loan.
NRP Group’s Slavic Village Gateway will consist of 78 one, two and three bedroom units in two elevator-serviced four-story buildings with 21,000 square feet of retail space on the ground floor, as well as 10 homes in row of three bedrooms with attached garages in two four-storey buildings.
Twenty-three units will target households earning no more than 30% of the regional median income (MAI) and 65 units will target households earning no more than 60% of the MAI.
In addition, the project will use 9% of the Low-Income Housing Tax Credit from the Ohio Capital Corporation for Housing, $ 600,000 from the City of Cleveland and $ 1.5 million from University Settlement, a not-for-profit social service agency that will take over part of the retail business. space.
Kyle Kolesar of KeyBank’s CDLI team and Robbie Lynn of KeyBank’s Commercial Mortgage Group structured the financing.