KeyBank Provides $21.5 Million of Construction Financing for Affordable Housing in Ypsilanti, MI
CLEVELAND, November 13, 2025 /3BL/ – KeyBank Real Estate Capital arranged a $21,472,000 non-recourse, Fannie Mae first mortgage loan secured by a 184-unit, apartment complex known as Schooner Cove III, located in Ypsilanti, MI. The fixed rate loan is structured with a 15-year term, and subsequent to a 120-month interest only period, amortizes on a 360-year schedule.
Built in 1995 and renovated in 2018, Schooner Cove III is a lakeside community situated on Ford Lake, The 13 three-story residential buildings consist of affordable units that include studio, 1, 2, and 3-bedroom apartments.
The Property operates under a Regulatory Agreement/Restrictive Covenant Low Income Housing Tax Credit Agreement dated December 26, 1996, with the Michigan State Housing Development Authority (“LIHTC”) and 100% of the units are restricted to tenants whose income is 60% or less of AMI.
McKinley Companies has owned and operated affordable and workforce housing communities in Ann Arbor since 1968. McKinley specializes in value-added acquisitions and redevelopment of multifamily communities and is a generational long term holder of its real estate. It is currently the largest owner of workforce housing in the Ann Arbor and Orlando markets with 500 full time team members and total assets in excess of $3 billion.
Samantha Miller and David Baker from Key’s Commercial Mortgage Group arranged the financing.
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 11 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 KeyCorp
KeyCorp's roots trace back 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 $187 billion at September 31, 2025.
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 1,200 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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