KeyBank Community Development Lending and Investment (CDLI) provided a $12 million construction loan and invested $16.1 million in Low Income Housing Tax Credit (LIHTC) equity for the construction of Churchill Gateway II, a 70-unit affordable housing family project at 10526 Churchill Ave. in Cleveland, Ohio.
KeyBank Commercial Mortgage Group also arranged an $5.6 million Freddie Mac permanent loan for the project. Churchill Gateway also has state and local support and received an additional $1.75 million in funding from Ohio Housing Finance Agency.
Churchill Gateway II is the second phase of the anchor development along the East 105th corridor, creating a connection between the Glenville neighborhood to the north and the job center at University Circle to the south. Churchill Gateway Phase II will provide much-needed high-quality affordable housing in the fast-growing Glenville neighborhood of Cleveland. This project will consist of one, 4-story building with one-, two- and three-bedroom units for residents earning 30-60% of the area median income and will contain nineteen units supported by project-based subsidies.
The sponsor, The NRP Group, is one of the nation’s top multifamily real estate developers, general contractors, and property management firms in the United States. Headquartered in Cleveland, The NRP Group is ranked nationally as one of the top twenty affordable housing developers by the National Multifamily Housing Council (#11) affordable housing developers by Affordable Housing Finance (#4), a leading industry publication.
Supportive Services will be provided by the May Dugan Center, a certified refugee resettlement agency, whose services include assisting refugees, recent immigrants and new Americans secure housing. As prospective tenants of the project, the May Dugan Center will help these individuals and families navigate the application and leasing process.
Seaver Rickert and Ryan Olman of KeyBank CDLI structured the financing. Robbie Lynn of KeyBank CMG arranged the permanent loan.
