KeyBank Provides $54.9 Million of Financing for Affordable Multifamily Housing in Jersey City [Yahoo! Finance]
KeyCorp (KEY)
Last keycorp earnings: 4/16 06:30 am
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Source: Yahoo! Finance
283-unit affordable multifamily property located in Jersey City, New Jersey. Grandview Terrace will target family households with incomes between 60% and 90% of area median income ("AMI"). KeyBank Commercial Mortgage Group's Affordable Housing Team arranged the HUD Section 223(f) program loan, structured with a 35-year fully amortizing term. The subsidy granted by the Jersey City Housing Authority provides assistance to 267 units (94%) via project-based vouchers. Grandview Terrace was formerly designated as a HUD Section 202 development, which helps expand the supply of affordable housing with supportive services for the elderly. The property was also subject to flexible subsidy loans, pursuant to Section 201. Hudson Valley Property Group has extended the term of the Section 201(p) flexible use agreement to preserve and extend Grandview Terrace's affordability for decades to come and avoid tenant displacement. The HUD 223(f) loan was used to refinance a KeyBank Community Develop
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KEY
Earnings
- 4/18/24 - Miss
KEY
Sec Filings
- 4/18/24 - Form 8-K
- 4/2/24 - Form 4
- 4/2/24 - Form 4
- KEY's page on the SEC website