KeyBank Financing $23.3M for Affordable Housing Projects in Los Angeles
KeyBank’s Community Development Lending and Investment (CDLI) team contributed $23.3 million in construction loans and $10.7 million in low-income housing tax credit (LIHTC) financing, while KeyBank’s Commercial Mortgage Group also secured $16.2 million in Freddie Mac TEL permanent financing for two affordable multifamily housing projects in Los Angeles. HVN Development, the sponsor and developer, provided $2.4 million in loans for the projects. The California Housing Finance Agency (CHFA) will issue $14.4 million in Multifamily Housing Revenue Bonds and $7 million in recycled bonds to support the permanent loans.
The first project, North Mathews, located at 121 North Mathews Street, is a four-story building with 40 units, including six one-bedroom apartments, 33 two-bedroom apartments, and one two-bedroom revenue-generating manager unit. All 39 LIHTC units will be rent-restricted and available to tenants earning at or below 80% of the area median income (AMI). Rent restrictions are as follows: four units at 30% AMI, four units at 50% AMI, 23 units at 60% AMI, and eight units at 80% AMI.
The second project, Brynhurst, located at 6018 Brynhurst Avenue, consists of a four-story building with 50 units, including seven one-bedroom units, 42 two-bedroom units, and one two-bedroom revenue-generating manager unit. All 49 LIHTC units are rent-restricted for tenants earning at or below 80% AMI. Rent restrictions are as follows: five units at 30% AMI, five units at 50% AMI, 29 units at 60% AMI, and 10 units at 80% AMI.
Both North Mathews and Brynhurst are situated in walkable areas with convenient access to the LA Metro system, which offers extensive bus and subway service throughout the city. Aperto Property Management will manage both properties.
LifeSTEPS will provide on-site supportive services, including financial literacy, computer training, homebuyer education, and health and wellness programs. These services, funded by HVN Development, will be available to tenants at no cost.
HVN Development has teamed up with Integrity Housing, a seasoned developer dedicated to addressing California’s housing crisis by increasing the supply of affordable housing. Integrity Housing has successfully completed nearly 40 affordable housing projects across the state.
The financing was structured by Kortney Brown and Matthew Haas of KeyBank CDLI, along with Hector Zuniga from Key’s Commercial Mortgage Group.
The first project, North Mathews, located at 121 North Mathews Street, is a four-story building with 40 units, including six one-bedroom apartments, 33 two-bedroom apartments, and one two-bedroom revenue-generating manager unit. All 39 LIHTC units will be rent-restricted and available to tenants earning at or below 80% of the area median income (AMI). Rent restrictions are as follows: four units at 30% AMI, four units at 50% AMI, 23 units at 60% AMI, and eight units at 80% AMI.
The second project, Brynhurst, located at 6018 Brynhurst Avenue, consists of a four-story building with 50 units, including seven one-bedroom units, 42 two-bedroom units, and one two-bedroom revenue-generating manager unit. All 49 LIHTC units are rent-restricted for tenants earning at or below 80% AMI. Rent restrictions are as follows: five units at 30% AMI, five units at 50% AMI, 29 units at 60% AMI, and 10 units at 80% AMI.
Both North Mathews and Brynhurst are situated in walkable areas with convenient access to the LA Metro system, which offers extensive bus and subway service throughout the city. Aperto Property Management will manage both properties.
LifeSTEPS will provide on-site supportive services, including financial literacy, computer training, homebuyer education, and health and wellness programs. These services, funded by HVN Development, will be available to tenants at no cost.
HVN Development has teamed up with Integrity Housing, a seasoned developer dedicated to addressing California’s housing crisis by increasing the supply of affordable housing. Integrity Housing has successfully completed nearly 40 affordable housing projects across the state.
The financing was structured by Kortney Brown and Matthew Haas of KeyBank CDLI, along with Hector Zuniga from Key’s Commercial Mortgage Group.
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