KeyBank Community Development Lending and Investment provided a $25 million loan through Freddie Mac and more than $21.8 million of low-income housing tax credit equity to Kittle Property Group Inc., a real estate development company based in Indianapolis.
The capital will be used to build Meadows on Main, an affordable multifamily housing property in Whitestown, Indiana. Meadows on Main will operate under the Section 42 Low Income Housing Tax Credit program and will serve families earning 40 percent to 70 percent of the Area Median Income.
The property will be a 264-unit, garden style apartment complex consisting of 10 two- and three-story apartment buildings, a clubhouse and leasing office building.
Robbie Lynn of KeyBankâs CDLI team and John-Paul Vachon of Key Community Development Corporation structured the financing.
