KeyBank Provides $12.5 Million of Financing for New Affordable Housing in New Mexico

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KeyBank CDLI Provides $12.5M Loan for Affordable Housing Development in Las Cruces, NM - The Three Sisters

CLEVELAND, OH / ACCESSWIRE / December 6, 2023 / KeyBank Community Development Lending and Investment (CDLI) provided a $12.5 million construction loan for the development of The Three Sisters, an affordable multifamily housing property in Las Cruces, New Mexico.

The Three Sisters apartments will consist of eight two and three-story residential buildings with a total of 70 units for families and individuals earning no more than 30%, 50%, and 60% of the Area Median Income (AMI). The apartments will comprise of one-, two-, and three-bedroom units, and include amenities such as a community space, laundry, computer center, BBQ and picnic area, dog park, and two playgrounds.

Additional amenities at The Three Sisters apartments include comprehensive social services (such as group training, outreach, and bi-monthly health and nutrition education classes.

The sponsor, Chelsea Investment Corporation ("Chelsea"), is a prominent affordable housing developer in California and New Mexico, and as of 2022, maintains a portfolio of 89 affordable housing properties spanning both states. CIC's nonprofit partner on this property is CC Housing, based out of Albuquerque NM.

The project received additional support from The Richmond Group, which provided $11.9 million in Low Income Housing Tax Credit (LIHTC) equity, as well as a $1.9 million permanent loan from the Rocky Mountain Community Reinvestment Corporation (RMCRC). The Three Sisters also received funding from the city, state, the HOME Investment Partnerships Program (HOME), and the National Housing Trust Fund (HTF).

The property is located within walking distance from numerous neighborhood amenities including a park, school, grocery store, and bus station.

Matthew Haas of KeyBank CDLI structured the financing.

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 10 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 $188 billion at September 30, 2023. 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 1,300 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.

View additional multimedia and more ESG storytelling from KeyBank on 3blmedia.com.

Contact Info:
Spokesperson: KeyBank
Website: https://www.3blmedia.com/profiles/keybank
Email: info@3blmedia.com

SOURCE: KeyBank

View source version on accesswire.com:
https://www.accesswire.com/814004/keybank-provides-125-million-of-financing-for-new-affordable-housing-in-new-mexico

FAQ

What is the name of the company providing the construction loan for The Three Sisters affordable housing development in Las Cruces, NM?

KeyBank Community Development Lending and Investment (CDLI)

How much was the construction loan provided for The Three Sisters affordable housing development in Las Cruces, NM?

$12.5 million

What is the name of the sponsor for The Three Sisters project?

Chelsea Investment Corporation (CIC)

What are some of the amenities included in The Three Sisters apartments?

Community space, laundry, computer center, BBQ and picnic area, dog park, two playgrounds, and comprehensive social services

What is the name of CIC's nonprofit partner on The Three Sisters project?

CC Housing

What organizations provided additional support for The Three Sisters project?

The Richmond Group, Low Income Housing Tax Credit (LIHTC) equity, Rocky Mountain Community Reinvestment Corporation (RMCRC), city, state, HOME Investment Partnerships Program (HOME), and National Housing Trust Fund (HTF)

Who structured the financing for The Three Sisters project?

Matthew Haas of KeyBank CDLI