KeyBank Secures $92.9 Million Financing for 164-Unit Affordable Housing Project in South Los Angeles

KeyBank Community Development Lending and Investment (CDLI) has provided a substantial $92.9 million financing package for the Broadway & Imperial affordable housing development in South Los Angeles. This significant investment is structured to facilitate the creation of 164 new affordable apartments, complemented by two manager units, within a complex featuring four- and five-story buildings. The financing breakdown includes a $43.8 million construction loan and an $18.1 million federal Low-Income Housing Tax Credit (LIHTC) equity investment from KeyBank CDLI.

Further bolstering the project's financial foundation, Key Commercial Mortgage Group secured a $31 million Fannie Mae permanent loan, while KeyBanc Capital Markets underwrote a $31 million public bond issuance. Developed by SoLa Impact, the Broadway & Imperial project is designed to offer residents a variety of amenities, such as a lobby, rooftop deck, community room, and three landscaped courtyards, alongside onsite parking with electric vehicle charging stations. Supportive services, including educational and financial literacy programs, will be provided by LifeSTEPS and the SoLa Foundation. This multi-layered financing approach highlights a common strategy for funding large-scale affordable housing developments in critical urban markets.