KeyBank Community Development Lending and Investment provided a $43.3 million construction loan and $23.8 million in low-income housing tax credit financing for construction of The Caravel, a 234-unit senior housing community in Columbus, Ohio.
KeyBank Commercial Mortgage Group also arranged a $25.9 million Forward Fannie MTEB permanent loan for the project.
The Caravel provides affordable housing for individuals who are 55 years or older and earn no more than 50%, 60%, and 70% of the area median income. The garden-style apartments will provide 25 fully accessible units, with all units adaptable to residents with ADA needs. All common areas will also offer fully accessible amenities.
The sponsor, Kittle Property Group (“KPG”), is an experienced developer, property manager and general contractor who has been ranked by Affordable Housing Finance in 2023 as one of the nation’s top 50 affordable housing developers (11th) and owners (16th).
KPG is partnering with Homeport, the largest, locally focused nonprofit developer of affordable housing in Central Ohio, to provide residents with resources and connect them to services throughout the community. Homeport will provide a Service Coordinator to help link residents to valuable community resources that promote housing stability, including resources that assist residents with their finances, education, employment, and health.
Derek Reed and David Lacki of KeyBank CDLI structured the financing for the transaction. Robbie Lynn of KeyBank Commercial Mortgage Group facilitated the permanent loan placement.
