CONROE, Texas, and MADISON, Wis. — KeyBank Real Estate Capital has arranged a total of $23.8 million Fannie Mae credit facility to Harmony Housing, a nonprofit affordable housing investor. The financing will be used to refinance or acquire three affordable seniors housing communities.
The facility will fund:
- the refinancing of Hollow Creek, a 120-unit LIHTC property in Conroe. It was constructed in 1998 with 27 units set aside for households earning 50 percent area median income (AMI) and 63 units set aside for households earning 60 percent AMI
- the acquisition of Hanover Square Apartments, a 65-unit LIHTC property in Madison. Constructed in 2002, the community has 57 units set aside for households earning from 30 to 60 percent AMI
- the acquisition of Prairie Park Senior Apartments, a 96-unit LIHTC property in Madison. Constructed in 2003, the community has 90 units set aside for seniors earning 30 to 60 percent AMI.
The credit facility is structured so that other properties may be added to it, which can help fund future acquisitions and refinancings. John Gilmore IV of Key's Community Development Lending and Jeff Rodman of Key’s Commercial Mortgage Group arranged the financing.
Based in Georgia, Harmony Housing is a subsidiary of commercial real estate investor Greystone.