KeyBank Community Development Lending & Investment (CDLI) provided a $10.4 million bridge loan to Affordable Housing Development Services, LLC (AHDS) for the acquisition of Ocean King Apartments, an 82-unit project located in North Miami, FL. Ocean King Apartments is currently operating at market rate and will be transitioned to an affordable community that will serve individuals earning up to 60% area median income (AMI).
“KeyBank is proud to partner with AHDS in their mission to expand affordable housing in high-cost markets, such as Miami,” said Tiffany Durr, Relationship Manager of KeyBank Real Estate Capital. “The conversion of Ocean King to an affordable community demonstrates a long-term commitment to improving access to housing for low- and moderate-income households.”
“KeyBank is proud to partner with AHDS in their mission to expand affordable housing in high-cost markets, such as Miami,” said Tiffany Durr, Relationship Manager of KeyBank Real Estate Capital. “The conversion of Ocean King to an affordable community demonstrates a long-term commitment to improving access to housing for low- and moderate-income households.”