Finance i Ohio

KeyBank provides $15 million in financing for Cleveland multifamily project

KeyBank provides $15 million in financing for Cleveland multifamily project,ph01

KeyBank Community Development Lending & Investment provided The Finch Group $15.5 million in total financing to support Glenville Circle North, a major project that is part of the ongoing “transformation” initiative in Cleveland.

KeyBank Community Development Corporation provided $5 million in New Market Tax Credit equity, a $10 million KeyBank leverage loan and a $456,000 KeyBank project loan for the development of this mixed-use multifamily housing and commercial space in the Glenville neighborhood. Cleveland Development Advisors and Enterprise Community Investments supplied the NMTC allocation.

Glenville Circle North will provide affordable living options and spur business growth in the surrounding community. The property will offer 63 mixed-income units, plus 13,950 square feet of combined retail and commercial space.

Eight units will be set aside for very low-income residents and an additional eight units will be set aside for residents seeking affordable housing options, making up 25 percent of the total units. The remaining units will be rented at market rate.

The Cleveland Citywide Development Corporation will lease about 4,275 square feet of the commercial space at Glenville Circle North to minority-owned start-up entities at little or no fixed rent, to help spur additional investment in the surrounding community. The Finch Group will use the remaining 9,675 square feet to launch an “accelerator” space for small business incubation.

Kyle Kolesar and Ryan Olman on KeyBank’s CDLI team arranged the financing.