Finance V Michigan

KeyBank provides $17 million in financing for Michigan affordable housing

KeyBank provides $17 million in financing for Michigan affordable housing,ph01

KeyBank provided and arranged a total of $17.4 million in Low-Income Housing Tax Credit financing to Full Circle Communities for the construction of Selinon Park Apartments. The development will provide 75 affordable housing units serving households that earn 30 percent and 60 percent area median income in Portage, Michigan.

KeyBank’s Community Development Lending & Investment team provided a $13.5 million construction loan and KeyBank Real Estate Capital arranged a $3.9 million Freddie Mac taxable forward commitment permanent loan with a 15-year term and 35-year amortization schedule.

Stephen Sparks of KeyBank’s CDLI team and Jeff Rodman of KeyBank’s Commercial Mortgage Group worked together on the financing.