KeyBank Community Development Lending and Investment announced has provided $11.5 million in financing to Snavely Group for the creation of 38 affordable housing units at Forest City Square Apartments in Cleveland.
The units target households earning between 30 percent to 60 percent of area median income. In addition, it will be the most environmentally responsible affordable housing development in the City of Cleveland through high-performance design and a solar array that will offset 75 percent of its energy consumed.
The CDLI team provided the $11.5 million in the form of a $9.9 million construction loan and $1.5 million 9 percent state Historic Tax Credit bridge loan to make the historic rehabilitation possible. Additional sources for funding included 9 percent Low-Income Housing Tax Credit equity, State and Federal Historic tax credit equity and solar and energy tax credit equity.
Kyle Kolesar of KeyBank’s CDLI team organized the financing.
