KeyBank Real Estate Capital is providing $49.7 million for the construction of an affordable housing community by developer Herman & Kittle Properties.
The Gables Apartments will feature 274 units, including 222 that are set aside for families earning up to 60% of the area median income in Greenwood, Ind. Construction is expected to be completed in 2018.
Specifically, Key is providing a $23.4 million construction loan, a $17 million Freddie Mac tax-exempt loan, and $9.3 million in low-income housing tax credit equity.
Based in Indianapolis, Herman & Kittle is a leading affordable housing developer and owner.
Al Beaumariage of Key’s Commercial Mortgage Group, along with Kyle Kolesar and Victoria O’Brien of Key’s Community Development Lending and Investment (CDLI) group, arranged the financing.
