CLEVELAND, January 22, 2025 /3BL/ - KeyBank Community Development Lending and Investment (CDLI) provided a $9.8 million construction loan, a $3.7 million permanent loan and $9.4 million in low-income housing tax credit (LIHTC) financing for construction of Jalen Lofts, a new 66-unit workforce and affordable housing community in Trotwood, a suburb of Dayton, Ohio. The development represents a significant milestone in the community's efforts to rejuvenate areas adversely impacted by the 2019 Dayton tornadoes.
Jalen Lofts will provide quality housing for families, with income levels between 30%, 50%, 60%, and 80% of area median income (AMI). The project is a co-developer, co-owner partnership between Pivotal Housing Partners and The Trotwood Community Improvement Corporation (TCIC) and will be located less than 15 minutes from Downtown Dayton, and within proximity to Trotwood's latest developments, including a new library,courthouse, YMCA, and Goodwill Easter Seals. The development boasts a mix of 1, 2, and 3-bedroom residences, each featuring accessible and universal design features, an energy-efficient design, and an extensive array of contemporary amenities.
The City of Trotwood received a most impacted and distressed (MID) area designation by the Department of Housing and Urban Development (HUD) because of the tornado damage and was allocated $10.5 million Community Development Block Grant Disaster Recovery (CDBG-DR) funds to recover from Presidentially declared disasters and to rebuild rental development projects.
The sponsor, Pivotal Housing Partners, is a top ranked Ohio-based multifamily developer and property management company with LIHTC properties operating in 16 states including Ohio, Indiana, Michigan, Illinois, Iowa, Missouri, Kansa, Oklahoma, Texas, Tennessee, Georgia, Kentucky, West Virginia, Pennsylvania, North Carolina, and most recently, New York.
Derek Reed and David Lacki of KeyBank CDLI structured the financing for the transaction.
About KeyBank Community Development Lending and Investment
KeyBank 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 largest to do so since the Act’s passage in 1977.
About KeyCorp
KeyCorp's roots trace back nearly 200 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 $190 billion at September 30, 2024. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 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 Member FDIC.
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