KeyBank Provides $41.2M Loan For Acquisition Of Multifamily Property In Beacon

KeyBank Community Development Lending & Investment has organized funding for the purchase and renovation of Tompkins Terrace, an affordable multifamily property located at 194 Tompkins Avenue in Beacon, New York. The property was acquired for $41,200,000 through an acquisition loan.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $41,200,000
• Lender: KeyBank Community Development Lending & Investment
• Loan Type: Acquisition

This transaction involved a $24.1 million permanent loan from the Fannie Mae MBS Tax-Exempt Bond program. KeyBank Community Development Lending and Investment arranged the financing, which also included $17.1 million in Low-Income Housing Tax Credit equity. The tax-exempt MTEB bonds, sold by KeyBanc Capital Markets, contributed to the funding of the property purchase and renovation.