KeyBank CDLI Provides $33.7M Loan For Affordable Housing Development By The NRP Group In Cleveland

The asset involved in the transaction is a development site located at 10526 Churchill Avenue in Cleveland, OH. The property is part of Churchill Gateway II, which is a 70-unit affordable housing project. The loan amount for this construction project is $33,700,000.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $33,700,000
• Lender: KeyBank CDLI
• Landlord: The NRP Group
• Loan Type: Construction
• Equity: $16.1M in LIHTC
• Freddie Mac Loan: $5.6M
• Ohio Housing Finance Agency Assistance: $1.7M
• Income Target: Residents earning 30–60% of AMI

KeyBank CDLI provided financing for this project alongside The NRP Group, which is the developer handling the construction of the affordable housing units. The distinct funding sources include a combination of traditional loans and tax credit equity specifically designated for affordable housing projects.