KeyBank Community Development Lending and Investment (CDLI) provided a $15.5 million construction loan, a $3.18 million permanent loan and $17.7 million in low-income housing tax credit (LIHTC) to finance the new construction of The Grand and The Glen, a two-site workforce affordable housing project in Toledo, Ohio.

Derek Reed and David Lacki of KeyBank CDLI structured the financing for the transaction. The Grand and Glen will introduce 70 affordable family units to a vacant city-owned parcel and an underutilized parking lot.

The project will offer a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. The development aims to diversify housing options, rejuvenate vacant or underutilized parcels, and inject approximately $28 million of investment into the city of Toledo. The sponsor, Pivotal Housing Partners, is an Ohio-based multifamily developer and property management company with LIHTC properties operating in 16 states.

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