KeyBank announced that it is providing $18.6 million in financing to The NRP Group to build an 88-unit affordable housing property 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 forward commitment for a Freddie Mac permanent loan.
The NRP Group’s Slavic Village Gateway will consist of 78 one-, two-, and three-bedroom units in two four-story, elevator-serviced buildings with 21,000 square feet of ground floor retail space, as well as 10 three-bedroom townhomes with attached garages in two four-story buildings.
Twenty-three units will target households earning no more than 30% of the area median income (AMI), and 65 units will target households earning no more than 60% of the AMI.
Additionally, the project will use 9% low-income housing tax credit equity from the Ohio Capital Corporation for Housing, $600,000 from the city of Cleveland, and $1.5 million from University Settlement, a nonprofit social service agency that will occupy a portion of the retail space.
Kyle Kolesar of KeyBank’s CDLI team and Robbie Lynn of KeyBank’s Commercial Mortgage Group structured the financing.
