KeyBank Community Development Lending and Investment (CDLI) and KeyBank Real Estate Capital (KBREC) provided $49 million of financing for Columbia Residential (Columbia), a partner of the Tallahassee Housing Authority, to construct an affordable housing property in Tallahassee, FL. CDLI provided a $33 million construction loan and a $15.9 million Freddie Forward Commitment permanent loan to fund the new construction of Magnolia Family II. The property includes a total of 160 units, of which 128 units will meet income-restricted requirements of 33 and 60 percent or less of the area median income. The remaining 32 units will remain at market rate value.
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