KeyBank Provides $90.7M In Financing For Acquisition And Rehabilitation Of Cambridge Square Apartments In Monroeville, PA

KeyBank has provided $90.7 million in financing for the acquisition and rehabilitation of Cambridge Square Apartments, a 204-unit affordable housing property located at 120 Cambridge Square Drive in Monroeville, PA. The property is classified as a multifamily asset.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $90,700,000
• Units: 204

Sam Adams, Robbie Lynn, Anna Belanger, and Jonathan Wittkopf from KeyBank facilitated the loan for the acquisition and rehabilitation of Cambridge Square Apartments. They acted as the lender's representatives in the deal.

The financing provided by KeyBank includes a $35 million construction loan, an $18 million Fannie Mae permanent loan, $15.7 million in Low-Income Housing Tax Credit equity, and $22 million in tax-exempt bonds. These funds will be used for the acquisition and rehabilitation of the property.