KeyBank has provided $87 million in financing to Related Companies for the acquisition and rehabilitation of Avondale Properties and Alms Hill Apartments in Cincinnati. The properties provided a combined 409 affordable housing units that are reserved for families earning up to 60 percent of the area median income.
Related plans to use the financing to upgrade access controls and security systems, enhance resident amenities, make upgrades to the elevator and fire alarm systems, replace the boiler systems and improve accessibility access.
In-unit renovations will include improvements to the kitchens, bathrooms, flooring and interior doors.
This deal leverages three parts of the business. Between the two developments, KeyBank provided $21 million in Low-Income Housing Tax Credit equity, $38 million in construction financing and $28 million Fannie Mae M-TEB forward-commitments. KeyBanc Capital Markets underwrote the publicly offered tax-exempt bonds.