Frank and O’Brien of KeyBank provides $38.3 million in financing to The Community Builders for Yonkers development

February 06, 2018 - Front Section

Yonkers, NY KeyBank Community Development Lending & Investment (CDLI) has provided a total of $38.3 million in financing to The Community Builders, Inc., to assist in the development of Cottage Place Gardens Phase III, a 70-unit, mixed-income housing property.

KeyBank provided a $26.4 million construction and equity bridge loan, plus $11.9 million in Low-Income Housing Tax Credit (LIHTC) equity. New York State Housing Agency supplied the LIHTC equity.

Kelly Frank and Victoria O’Brien of Key’s CDLI group arranged the financing.

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