KeyBank Community Development Lending and Investment announced that it is providing $74 million of financing to help Kittle Property Group develop an affordable housing community in Columbus, Ohio.
Darby Crossing will include two one-story cottages and 11 two- and three-story walk-up buildings on 32.7 acres of land. All units will be income- and rent-restricted at 60% of the area median income. The property will feature 60 one-, 92 two-, 84 three-, and 24 four-bedroom units to serve a broad spectrum of individuals and families. Amenities will feature a clubhouse, a pool house, and eight garages offering 48 spaces. Construction has begun and is expected to be completed by September 2024, with stabilization by August 2025.
The financing from KeyBank includes a $43.3 million construction loan to be followed by a $31 million private placement loan. In addition, $42.2 million in tax-exempt bonds were issued by the Columbus-Franklin County Finance Authority, and $21.3 million in low-income housing tax credits were provided by the Ohio Housing Finance Agency. The development also benefits from a tax abatement based on its location in a Community Reinvestment Area.
David Lacki and Greg Deeks of KeyBank structured the financing.
Headquartered in Indianapolis, Kittle Property Group is a leading developer of affordable and market-rate apartments. It recently ranked sixth on the AHF 50 list of top developers.
