KeyBank Provides $92.9 Million in Financing for South Los Angeles Affordable Housing Development
KeyBank Community Development Lending and Investment (CDLI) has provided $92.9 million in financing for Broadway & Imperial, a new 166-unit affordable housing development located in South Los Angeles. The comprehensive financing package includes a $43.8-million construction loan and an $18.1 million federal Low-Income Housing Tax Credit equity investment from KeyBank CDLI. Additionally, Key Commercial Mortgage Group arranged a $31-million Fannie Mae MTEB permanent loan, and KeyBanc Capital Markets underwrote a $31-million public bond issuance to complete the financial structure. The Broadway & Imperial development is being undertaken by SoLa Impact, a Los Angeles-based social impact real estate firm dedicated to creating and preserving affordable housing in underserved communities. Robert Likes, president of KeyBank CDLI, emphasized the critical need for affordable housing in Los Angeles and expressed satisfaction in contributing to the development of 166 new affordable homes.
