KeyBank Provides $28.1 Million for Two Affordable Housing Communities in Clayton County GA.

KeyBank Provides $28.1 Million for Two Affordable Housing Communities in Clayton County GA.

Tuesday, September 7, 2021 - 12:45pm

CONTENT: Press Release

CLEVELAND, September 7, 2021 /3BL Media/ –KeyBank Real Estate Capital secured $28.1 million of fixed-rate Fannie Mae financing  for the construction on Villas at Mt. Zion and Flats at Mt. Zion in Clayton County, Georgia.  These developments are a joint venture partnership between Zimmerman Properties and TriStar, LLC; and was formed to build and operate affordable housing communities offering innovative wraparound services focusing on the education, social and emotional wellbeing of its residents.

The developments consist of two affordable housing communities: (i) Villas at Mt. Zion, a 96-unit senior, independent living community (age’s 55+), and (ii) Flats at Mt. Zion, a 210-unit multi-family community targeting families with children. Both communities are being developed under the Federal Low-Income Housing Tax Credit Program and designated for individuals and families with rent and income limits within 50%, 60% and 70% of the Area Median Income (AMI) as determined by the U.S. Department of Housing & Urban Development. Other amenities include a swimming pool, exercise facility, computer library, playgrounds, outdoor garden, wellness center and the Early Learning Center.   

The Early Learning Center will be staffed by Star-C, Inc., an Atlanta based 501(c)3 non-profit community organization, which will provide residents of the development free on-site services that include an after-school program for kindergarten through 5th grade aged children of residents, healthy living and eating initiative classes, general wellness programs, community gardening and summer camps.

KeyBank Real Estate Capital secured Fannie Mae MTEB 4% Unfunded Forward permanent loan commitments in the amount of $8,150,000 ($84,896/unit) for Villas and $19,950,000 ($95,000/unit) for Flats. The requested proceeds will help pay off the construction loans.

KeyBanc Capital Markets served as bond underwriter on the developments and publicly sold the $41,000,000 of Tax-Exempt Bonds Issued by the Housing Authority of Clayton County. The bonds were sold in Series A: MTEB, and Series B: Short-Term, tranches in the follow amounts : Flats - $19.95M (A-MTEB), $8,050M (B-Short-Term), Villas - $8,150M (A-MTEB), $4,850M (B-Short-Term).

Robbie Lynn of KeyBank Real Estate Capital’s commercial mortgage group structured the financing. Sam Adams of KeyBanc Capital Markets’ Public Finance Group served as the bond underwriter.

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 $32 billion of capital committed to clients and an award-winning Equity Research team that provides coverage on over 600 publicly-traded companies. Securities products and services are offered by KeyBanc Capital Markets Inc. 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 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 financing, 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. KeyBank Real Estate Capital is also one of the nation’s largest and highest rated commercial mortgage servicers.

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 $181.1 billion at June 30, 2021. 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 more than 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.