KeyBank Community Development Lending and Investment is providing $74 million of financing to help Kittle Property Group, an Indianapolis-based multifamily housing developer and manager, develop a new affordable housing community in Columbus, Ohio.
The financing from KeyBank includes a $43.3 million construction loan to be followed by a $31 million private placement loan. In addition, $42.2 million in tax-exempt bonds were issued by the Columbus-Franklin County Finance Authority, and $21.3 million in low-income housing tax credits were provided by the Ohio Housing Finance Agency.
The development also benefits from a tax abatement based on its location in a Community Reinvestment Area.
Darby Crossing will include two one-story cottages and 11 two- and three-story walk-up buildings on 32.7 acres of land. All units will be income- and rent-restricted at 60% of area median income. In addition to 60 one-bedroom and 92 two-bedroom units, the property will feature 84 three-bedroom and 24 four-bedroom units to serve a broad spectrum of individuals and families.
Amenities include a clubhouse, pool house, and eight garages offering 48 spaces. Construction has begun and is expected to be complete by September of 2024, with stabilization by August of 2025.
David Lacki and Greg Deeks of KeyBank structured the financing.
