KeyBank Provides $90.7 Million of Financing for Acquisition and Rehabilitation of Affordable Housing in Monroeville, PA.

HOUSING IN MONROEVILLE, PA. Cambridge Square apartments located near Pittsburgh to be rehabilitated after fire

CLEVELAND, OH / ACCESSWIRE / December 15, 2023 / KeyBank Community Development Lending and Investment (CDLI) provided a $35 million construction loan and $15.7 million in 4% federal low-income housing tax credit (LIHTC) equity to finance the acquisition and rehabilitation of Cambridge Square Apartments, located in Monroeville, Pennsylvania.

KeyBank also arranged a $18 million permanent loan through the Fannie Mae forward MBS Tax-Exempt Bond (M.TEB) program. The $22 million of tax-exempt MTEB bonds were sold by KeyBanc Capital Markets.

Cambridge Square consists of eight three-story residential buildings and one community building, consisting of 204 apartments. The unit mix includes 78 one-bedroom units, 102 two-bedroom units, and 24 three-bedroom units. The tenant units (97%) are covered by a 20-year Section 8 Housing Assistance (HAP) Contact. The 198 HAP units will be reserved for families and individuals earning no more than 50% of the area median income (AMI). The remaining six units are LIHTC restricted at 60% AMI.

The sponsor for Cambridge Square is Community Preservation Partners (CPP) an affordable housing rehabilitation company. Since its founding in 2004, CPP has developed more than 12,500 low-income housing units and invested more than $2.6 billion into neighborhoods across the United States, keeping housing costs affordable for thousands of seniors, families, and individuals.

Cambridge Square will offer an on-site service coordinator through American HealthCare Group to connect residents to a variety of community resources and services such as health care and health care education, financial literacy and computer literacy, childcare, youth activities, nutritional services, disability services, tenant home ownership training and parenting programs.

Anna Belanger and Jonathan Wittkopf of KeyBank CDLI structured the tax credit equity and debt financing for the transaction. Robbie Lynn of KeyBank CMG structured the Fannie M. TEB. Sam Adams of KeyBanc Capital Markets marketed the bonds.

About KeyBank Community Development Lending and Investment

KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank's platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low-Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 10 consecutive "Outstanding" ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act's passage in 1977.

About KeyBanc Capital Markets

KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to dynamic companies capitalizing on opportunities in changing industries. Our deep industry expertise, broad capabilities and unique ideas are seamlessly delivered to companies across the Consumer & Retail, Diversified Industries, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables, and Technology verticals. With over 800 professionals across a national platform, KeyBanc Capital Markets has more than $50 billion of capital committed to clients and an award-winning Equity Research team that provides coverage on nearly 600 publicly traded companies. Securities products and services are offered by KeyBanc Capital Markets Inc., member FINRA/SIPC, and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services, are offered by KeyBank N.A.

About KeyCorp

KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $188 billion at September 30, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

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SOURCE: KeyBank

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