KeyBank Community Development Lending and Investment (CDLI) provided a $16.5MM taxable construction loan, a $9.4MM federal LIHTC equity investment, and a $8.2MM state LIHTC investment on behalf of National Church Residences (NCR) to finance the new construction of Clover Glen II, a 96-unit affordable housing project for seniors aged 55+ in Galloway, Ohio.
KeyBank Commercial Mortgage Group also provided a Freddie TEL permanent loan of $8.2MM.
KeyBanc Capital Markets served as bond underwriter and underwrote $13,820,000 in tax-exempt bonds for the project.
Bringing much-needed senior affordable housing to a robust and growing area near Columbus Ohio, Clover Glen II will have 15 units restricted to 50% AMI, 76 units restricted to 60% AMI, and 5 units restricted to 70% AMI.
The project is a new construction senior LIHTC development that will feature one-bedroom, one-bathroom units with senior-oriented design and accessibility, such as handrails and grab bars. The four-story, single residential building’s amenities include a clubhouse, fitness center, central laundry, on‑site management, surface parking, picnic areas, limited‑access entry with intercom and video surveillance, and common‑area Wi‑Fi.
KeyBank and NCR have a long‑standing, multi‑market affordable housing partnership centered on construction lending, tax credit equity, and guarantor support. NCR is a strong guarantor, sponsor, and operator of affordable housing, with 350+ communities (26,000+ units) across 25 states and Puerto Rico. A nonprofit 501(c)(3) affordable housing developer, property manager and supportive services provider, NCR is the nation’s largest nonprofit provider of senior affordable housing and services, having managed LIHTC properties for over 35 years.
Previously, CDLI (through an investment with Ohio Capital Corporation for Housings) closed the Clover Glen I transaction, an adjacent parcel to the north, in October 2022. This transaction leverages an experienced repeat sponsor, strong development team, and adjacent successful Phase I performance.
David Lacki and Ryan Olman of KeyBank CDLI structured the financing.
Sam Adams and Alex Steckler of KeyBanc Capital Markets underwrote the bonds.
