KeyBank secured $13 million of financing for The NRP Group, LLC, a real estate development and property management company based in Cleveland, to build an affordable housing project in Cleveland.
KeyBank Community Development Lending and Investment secured a $9.5 million construction loan, and KeyBank’s Commercial Mortgage Group arranged a $3.3 million forward commitment for a Freddie Mac permanent loan.
Via Sana will feature 72 one-, two- and three-bedroom affordable rental residents. It is being developed by NRP, The MetroHealth System and CCH Development Corp.
Via Sana is part of a $60 million mixed-used project spearheaded by MetroHealth System in Cleveland’s Clark-Fulton neighborhood. The development comes on the heels of MetroHealth’s $1 billion transformation of its main hospital campus.
Via Sana will use project-based vouchers for eight of the units restricted to 30 percent of the area median income. Nine three-bedroom units will be townhomes that will include washer and dryer hookups, private entry and covered porches. Rents will be offered at 15 percent to 75 percent below market rents.
In addition to the residences, Via Sana will include more than 5,000 square feet of commercial space – conference rooms, a commercial kitchen and classrooms – on the first floor reserved for MetroHealth’s Economic Opportunity Center, which will serve residents of the apartments and the neighborhood.
Additionally, the project will use $9.7 million of 9 percent low-income housing tax credit equity from the Key Community Development Corporation, and MetroHealth and the city of Cleveland will contribute financing to the project.
Kyle Kolesar of KeyBank’s CDLI team and Robbie Lynn of KeyBank’s Commercial Mortgage Group structured the financing.
