KeyBank provides $27 million of construction financing for affordable housing in Indianapolis June 15, 2020 Share on Facebook Share on Twitter Share on LinkedIn Share via email KeyBank Community Development Lending and Investment secured $27.7 million of construction financing, $13.2 million of 4 percent low-income tax credit equity and $18.4 million of Freddie Mac forward tax-exempt permanent financing on behalf of Herman & Kittle Properties to develop an affordable housing property in Indianapolis. The Reserve at White River will comprise two four-story, elevator-serviced residential buildings; 14 cottage-style, single-story buildings; and a 5,000-square-foot clubhouse on 11 acres of land. The project will use income averaging to qualify all units for tax credits, with: • 150 units (71%) set aside for tenants earning 60% area median income (AMI);• 51 units (24%) set aside for tenants earning 50% AMI; and• nine units (4%) set aside for tenants earning 70% AMI. The project will be 100% age restricted to seniors (55 and older), with 21 of the units being fully accessible for tenants with special needs. The unit mix consists of 144 one-bedroom and 66 two-bedroom units. The property will be encumbered by a standard land use restriction agreement, which will be set with a 15-year compliance period and an additional 15-year extended-use period. “KeyBank consistently delivers for HKP and, despite headwinds due to COVID-19, helped our team close the Reserve at White River in Indianapolis to provide much-needed senior affordable housing!” said Jeff Kittle, President and CEO of Herman & Kittle. The Indiana Housing & Community Development Authority issued multifamily housing revenue notes to finance the tax-exempt portion of the project. Kyle Kolesar and Victoria O’Brien of KeyBank CDLI and Robbie Lynn of Key’s Commercial Mortgage Group structured the financing.