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CIL Secures $45 Million Credit Line Led by KeyBank To Expand National Footprint in Disability Housing Development
CLEVELAND, OH / ACCESS Newswire / May 8, 2025 / The Corporation for Independent Living (CIL), a nonprofit real estate developer committed to creating community-based housing for individuals with intellectual and developmental disabilities (I/DD), ...
About this update from Keycorp
[{"type":"text","content":"CLEVELAND, OH / ACCESS Newswire / May 8, 2025 / The Corporation for Independent Living (CIL), a nonprofit real estate developer committed to creating community-based housing for individuals with intellectual and developmental disabilities (I/DD), acquired brain injury (ABI), behavioral health conditions and others, has secured a $45 million line of credit with KeyBank featuring a $20 Million-dollar incremental facility. This strategic move allows CIL to work anywhere in the continental United States, marking a major milestone in its goal to become a national leader in disability-focused housing development.","length":614,"tagName":"p"},{"type":"text","content":"CIL will leverage this funding to finance the acquisition, renovation, and construction of community-based homes in partnership with nonprofit service providers. Unlike its previous credit line, which imposed geographic limitations, the new agreement with KeyBank removes borders-giving CIL the flexibility to serve providers wherever the need is greatest.","length":356,"tagName":"p"},{"type":"text","content":""We were intentional in choosing KeyBank as our lead lender," said Maria Green, Chief Financial Officer at CIL. "Their team understands the complexity and mission-driven nature of our work. With their partnership-and the participation of Webster Bank, Westfield Bank, and Rockland Trust-we have the backing of institutions that believe in our vision and are ready to grow with us."","length":401,"tagName":"p"},{"type":"text","content":""This is more than just a financial tool - it's a platform for impact," said Kent Schwendy, President and Chief Executive Officer at CIL. "Now, we're free to say ‘yes' to partners in any state who are ready to build community-based housing."","length":273,"tagName":"p"},{"type":"text","content":""KeyBank is deeply committed to helping clients and communities thrive and we are proud to provide financing for CIL to acquire, build and renovate community-based affordable housing for persons in need of supportive residential facilities," said Matthew Hummel, Market President at KeyBank.","length":301,"tagName":"p"},{"type":"text","content":"Since its founding by service providers over 45 years ago, CIL has helped nonprofits develop homes that enable greater independence, support, and...