KeyBank Provides Pivotal Housing Group with $36.4M in Financing for Construction of Affordable Housing Project in Toledo, Ohio

1/20/2025

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REBusinessOnline

• Subcategory: Capital Markets: Debt, Capital Markets: Equity, MF: Affordable

• Tag: New Construction

• Additional Filters-Subcategory: Capital Markets: Debt-Construction Loan, Capital Markets: Equity-Low Income Housing Tax Credits (LIHTC), MF: BTR-Townhome, MF: Garden

• Company: KeyBank

KeyBank Community Development Lending and Investment (CDLI) has provided a $15.5 million construction loan, a $3.2 million permanent loan and $17.7 million in low-income housing tax credits to finance the construction of The Grand and The Glen, a scattered two-site affordable housing project in Toledo. The development will bring 70 units to a vacant city-owned parcel and underutilized parking lot. The project will be designated for families who earn between 50 and 70 percent of the area median income.