Keybank Finances Latest Affordable Housing Acquisition by Non-Profit, Harmony Housing
CLEVELAND, April 17, 2017 /3BL Media/ — KeyBank has provided a $6.5 million bridge loan to Harmony Housing, a 501(c)(3) nonprofit organization dedicated to providing safe, clean and comfortable affordable rental housing throughout the United States, for the acquisition of Western Trails Senior Apartments. Located in South Lamar, approximately four miles south of Austin, TX, the income-restricted, garden-style apartment community serves residents ages 62 and older.
“We at KeyBank are dedicated to making safe, decent housing options available to every member of the communities we serve, including our senior citizens,” said Rob Likes, national manager of KeyBank’s Community Development Lending & Investment (CDLI) team. “Harmony Housing is a strong partner in this mission, and we are proud to support their plans for Western Trails Senior Apartments.”
The 99-unit property is designated for tenants making 50% and 80% AMI and contains a mix of studio, one- and two-bedroom apartments. Originally built in 1978, the property features numerous community amenities, including a garden, laundry facilities, community room and kitchen, media room, library, fitness center, hair salon, and planned resident activities and services.
“Western Trails certainly complements the Harmony Housing portfolio, and we are thrilled to add a quality affordable housing community in the Austin market to our growing affordable housing portfolio, which numbers almost 5,000 units across the United States,” said Bob Barolak, President, Harmony Housing Advisors, Inc., which advises the non-profit on acquisitions.
Key has provided financing solutions to Harmony Housing since 2014, financing 25 of its last 28 transactions.
“We are committed to finding the right financial solutions for our clients,” said John Gilmore, IV, of Key's CDLI group arranged the financing. “Our longstanding relationship with Harmony Housing demonstrates how this commitment makes meaningful, positive change possible in communities across the nation.”
About Harmony Housing
Harmony Housing is a 501(c)(3) formed to own and acquire multifamily affordable housing across the United States. Harmony Housing’s mission is to provide and grow the availability of affordable housing to those in need around the country. For more information, visit www.HarmonyHousing.org.
About Key Community Development Lending and Investment
KeyBank Community Development Lending and Investment (CDLI) helps fulfill Key’s purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. Experts in complex tax credit lending and investing, Key is one of a handful of affordable housing lenders in the country with a platform that brings together balance sheet, equity, and permanent loan offerings. CDLI has a substantial investment and loan portfolio worth more than $2 billion, 90% of which is Low Income Housing Tax Credit (LIHTC) projects. For its ability to lend to, invest in, and serve its communities –especially low-to-moderate income communities – KeyBank has earned eight consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.
KeyCorp’s roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies with assets of approximately $136.5 billion at December 31, 2016. Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 15 states under the name KeyBank National Association and First Niagara Bank, National Association, through a network of more than 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.