Keybank Community Development Lending & Investment Provides $56.1 Million in Financing For Poppleton Project in West Baltimore
Cleveland, February 22, 2017 /3BL Media/ — KeyBank Community Development Lending and Investment provided $56.1 million in FHA-insured 221(d)4 financing for the construction of Center/West Apartments, a large-scale redevelopment project which will revitalize the Poppleton neighborhood located in Southwest Baltimore. The development’s first phase, PSH 1, LLC, a subsidiary of La Cité Development LLC and BRP Development Corp., will consist of two mid-rise buildings with 262 units; 20 percent of the units are designated affordable housing, for those making at or below 50 percent of the area median income (AMI). There is also approximately 19,000 square feet of ground floor retail, neighborhood services, a dog park and a plaza in front of the historic Poe House in West Baltimore, MD.
La Cité Development, LLC has been working closely with the City of Baltimore to ensure Center\West serves the needs of the existing community while simultaneously revitalizing the area. Key served an integral role in the development’s first phase by executing the fastest firm commitment to finance new construction in the history of the U.S. Department of Housing and Urban Development (HUD).
John Gilmore of Key’s Community Development Lending and Investment (CDLI) group, along with Jeff Rodman of Key’s Commercial Mortgage group, arranged the financing. “Key is committed to helping communities thrive,” said John Gilmore. “Our integrated platform allows us to fill funding gaps in record setting time, which provides neighborhoods greater access to affordable housing and spurs local economic activity.”
The City of Baltimore welcomes the groundbreaking of this vital project, scheduled for Thursday, February 23, 2017 at 12:30 pm at 201 N Schroeder St, Baltimore, MD, 21223, United States.
“We are continuously striving to create a bright future for the City of Baltimore, one defined by our citizens and our communities. The development of the Poppleton neighborhood will provide much needed access to quality affordable housing and is an important part of the revitalization of our city,” added Mayor Catherine E. Pugh.
This is the first phase of an approximately 33-acre planned unit development project.
“At La Cité, we are motivated by opportunities to improve neighborhoods,” said Dan Bythewood Jr., cofounder and president of La Cité Development. “Key’s ability to provide fast financing solutions helped us work with the City of Baltimore and move forward with the first phase of construction of Center\West.”
About La Cite Development
La Cite Development, LLC is a real estate development corporation investing in strategic real estate ventures throughout the eastern seaboard, as well as specific markets elsewhere in the United States and abroad. The predominant focus of La Cite’s interests is on residential and mixed-use properties spanning from rehab to new construction, with investment primarily being placed within the residential marketplace.
About Key Community Development Lending and Investment:
KeyBank Community Development Lending and Investment (CDLI) helps fulfill Key’s purpose to help clients and communities thrive by financing projects that stabilize and revitalize communities. Experts in complex tax credit lending and investing, Key is one of a handful of affordable housing lenders in the country with a platform that brings together balance sheet, equity, and permanent loan offerings. CDLI has a substantial investment and loan portfolio worth more than $2 billion, 90% of which is Low Income Housing Tax Credit (LIHTC) projects. For its ability to lend to, invest in, and serve its communities –especially low-to-moderate income communities – KeyBank has earned eight consecutive “Outstanding” ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency.
KeyCorp’s roots trace back 190 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 $136.5 billion at December 31, 2016. Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 15 states under the name KeyBank National Association and First Niagara Bank, National Association, through a network of more than 1,200 branches and more than 1,500 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.