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.