Business
KeyBank Provides $58 Million of Financing for Affordable Multifamily Housing in California
CLEVELAND, OH / ACCESS Newswire / June 9, 2025 / KeyBank Community Development Lending and Investment (CDLI) provided a $58 million construction loan to finance the new construction of an affordable multifamily housing property in Palmdale, California, ...
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[{"type":"text","content":"CLEVELAND, OH / ACCESS Newswire / June 9, 2025 / KeyBank Community Development Lending and Investment (CDLI) provided a $58 million construction loan to finance the new construction of an affordable multifamily housing property in Palmdale, California, within Los Angeles County.","length":279,"tagName":"p"},{"type":"text","content":"Maison's Village II will include 66 single family lots totaling 191 units. There will be 64 one-bedroom units, 46 two-bedroom units, 57 three-bedroom units, and 22 four-bedroom units available to families earning at or below 30%, 50%, 60%, and 70% of area median income (AMI). Each site will include a garage, with additional on-street parking, and amenities such as a pool, recreation building, and an on-site management office. The project is nearly identical to Maison's Village I, an adjacent housing development, which KeyBank provided construction financing for in 2022.","length":584,"tagName":"p"},{"type":"text","content":"The sponsor and developer, Ravello Holdings, is a Southern California based real estate development firm with decades of experience in affordable multifamily projects. Maison's Village II received additional funding in the form of a $30 million permanent loan and $1.6 million soft financing from the California Housing Finance Agency (CalHFA) and $36.8 million in low-income housing tax credit equity (LIHTC) from WNC & Associates.","length":440,"tagName":"p"},{"type":"text","content":"Matthew Haas of KeyBank CDLI structured the financing.","length":54,"tagName":"p"},{"type":"text","content":"About KeyBank Community Development Lending and InvestmentKeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank's platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low-Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 11 consecutive "Outstanding" ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 lar...