KeyBank Provides $15.1 Million in Financing to Harmony Housing for Affordable Housing Properties in North Carolina and Texas
CLEVELAND, September 19, 2017 /3BL Media/ - KeyBank Real Estate Capital has provided a total of $15.1 million through a Fannie Mae credit facility for the acquisition of five affordable housing properties in North Carolina and Texas by Harmony Housing, a 501(c)(3) nonprofit organization dedicated to providing safe, clean and comfortable affordable housing throughout the United States. The credit facility is based on a creative structure that allows Harmony Housing to easily add to its existing portfolio.
KeyBank arranged for the refinancing of Cobblers Station, a 72-unit affordable housing property for households earning up to 60% AMI in Clayton, NC; Lyons Walk, a 72-unit affordable housing property for households earning up to 60% AMI in Kernersville, NC; East Haven, a 48-unit affordable housing property for households earning up to 50% AMI in Raleigh, NC; Summerchase, a 46-unit affordable property with 23 units reserved for households earning up to 50% AMI and 23 units reserved for households earning up to 60% AMI in Fuquay Varina, NC; and, Havenwood Place, a 64-unit affordable property with seven units reserved for households earning up to 50% AMI and 56 units reserved for households earning up to 60% AMI in Conroe, TX.
John Gilmore, IV, of Key's Community Development Lending and Investment and Jeff Rodman of Key’s Commercial Mortgage Group arranged the financing.
About Harmony Housing
Harmony Housing is a 501(c)(3) formed to own and acquire multifamily affordable housing across the United States. Harmony Housing’s mission is to provide and grow the availability of affordable housing to those in need around the country. For more information, visit www.HarmonyHousing.org.
About Key Community Development Lending/Investment
KeyBank Community Development Lending and Investment (CDLI) helps fulfill Key’s purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. Experts in complex tax credit lending and investing, Key is one of a handful of affordable housing lenders in the country with a platform that brings together balance sheet, equity, and permanent loan offerings. CDLI has a substantial investment and loan portfolio worth more than $2 billion, 90% of which is Low Income Housing Tax Credit (LIHTC) projects. For its ability to lend to, invest in, and serve its communities –especially low-to-moderate income communities – KeyBank has earned eight consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.
About KeyBank Real Estate Capital
KeyBank Real Estate Capital is a leading provider of commercial real estate finance. Its professionals, located across the country, provide a broad range of financing solutions on both a corporate and project basis. The group provides interim and construction finance, permanent mortgages, commercial real estate loan servicing, investment banking and cash management services for virtually all types of income producing commercial real estate. As a Fannie Mae Delegated Underwriter and Servicer, Freddie Mac Program Plus Seller/Servicer and FHA approved mortgagee, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including affordable housing, seniors housing and student housing.
KeyCorp's roots trace back 190 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 $135.8 billion at June 30, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 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.