Affordable housing developer PIRHL and the Columbus Metropolitan Housing Authority have secured approximately $87 million in financing to acquire and renovate the 232-unit Crosswinds Village community in Columbus, Ohio.
The team plans to renovate the development, which was built in 1999, and preserve the property’s affordability. The effort will include improvements to the apartments, building exteriors, and community areas, with work taking place through summer 2022.
KeyBank Community Development Lending and Investment (CDLI) secured $49.4 million in acquisition and construction financing. KeyBank’s Commercial Mortgage Group secured a $23.8 million fixed-rate Freddie Mac tax-exempt loan that will fund upon completion and stabilization of the project, and Key Community Development Corp. provided $13.8 million of low-income housing tax credit equity. The Ohio Housing Finance Agency issued the bonds.
Kelly Frank and Ryan Olman of KeyBank’s CDLI team and Robbie Lynn of KeyBank’s Commercial Mortgage Group structured the financing.
PIRHL is a Cleveland-based real estate development and construction firm that specializes in affordable and workforce multifamily projects.