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KeyBank provides $18 million loan for affordable housing in Michigan

KeyBank provides $18 million loan for affordable housing in Michigan,ph01

KeyBank Real Estate Capital has arranged an $18.1 million Freddie Mac, first mortgage loan for Pebble Creek Apartment Homes, an affordable property located in Southfield, Michigan. The 256-unit, garden-style apartment complex is comprised of 17 two-story buildings on 15 acres of land.

The property was developed in 1996 under the Low Income Housing Tax Credit (LIHTC) program, and there is a Land Use Restrictive Agreement (LURA) in place in perpetuity unless there is a foreclosure.

The agreement will restrict all units to individuals earning 60% Area Median Income (AMI).

Tim Weldon of Key’s Commercial Mortgage Group arranged the fixed-rate financing with a 10-year term and 30-year amortization schedule. The loan was used to refinance existing debt.