CLEVELAND, June 30, 2026 /3BL/ - KeyBank Community Development Lending and Investment (CDLI) provided a $16.5MM taxable construction loan, a $9.4MM federal LIHTC equity investment, and a $8.2MM state LIHTC investment on behalf of National Church Residences (NCR) to finance the new construction of Clover Glen II, a 96-unit affordable housing project for seniors aged 55+ in Galloway, Ohio.
KeyBank Commercial Mortgage Group also provided a Freddie TEL permanent loan of $8.2MM.
KeyBanc Capital Markets served as bond underwriter and underwrote $13,820,000 in tax-exempt bonds for the project.
Bringing much-needed senior affordable housing to a robust and growing area near Columbus Ohio, Clover Glen II will have 15 units restricted to 50% AMI, 76 units restricted to 60% AMI, and 5 units restricted to 70% AMI.
The project is a new construction senior LIHTC development that will feature one-bedroom, one-bathroom units with senior-oriented design and accessibility, such as handrails and grab bars. The four-story, single residential building’s amenities include a clubhouse, fitness center, central laundry, on‑site management, surface parking, picnic areas, limited‑access entry with intercom and video surveillance, and common‑area Wi‑Fi.
KeyBank and NCR have a long‑standing, multi‑market affordable housing partnership centered on construction lending, tax credit equity, and guarantor support. NCR is a strong guarantor, sponsor, and operator of affordable housing, with 350+ communities (26,000+ units) across 25 states and Puerto Rico. A nonprofit 501(c)(3) affordable housing developer, property manager and supportive services provider, NCR is the nation’s largest nonprofit provider of senior affordable housing and services, having managed LIHTC properties for over 35 years.
Previously, CDLI (through an investment with Ohio Capital Corporation for Housings) closed the Clover Glen I transaction, an adjacent parcel to the north, in October 2022. This transaction leverages an experienced repeat sponsor, strong development team, and adjacent successful Phase I performance.
David Lacki and Ryan Olman of KeyBank CDLI structured the financing.
Sam Adams and Alex Steckler of KeyBanc Capital Markets underwrote 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 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 KeyBanc Capital Markets
KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to emerging growth and middle market companies, private equity firms, and asset managers. Our deep industry expertise, broad capabilities and unique ideas and execution capabilities are seamlessly delivered to companies across the Consumer & Retail, Diversified Industries, Financial Services, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables and Technology verticals. With more than 800 professionals across a national platform, KeyBanc Capital Markets has raised more than $125 billion of capital over the last twelve months for its clients and has an award-winning equity research team that provides coverage on over 500 publicly traded companies.
KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp® and its subsidiaries, KeyBanc Capital Markets Inc., Member FINRA/SIPC (“KBCM”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives. Banking products and services are offered by KeyBank N.A. Securities products and services: Not FDIC Insured • No Bank Guarantee • May Lose Value
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 $189 billion at March 31, 2026.
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.
###
CONTACT:
Laura Mimura
216-471-2883
[email protected]
KEY MEDIA NEWSROOM:
Key.com/newsroom
