KeyBank Negotiates $6.9M FHA Loan for Affordable Community in Ohio

IRONTON, Ohio — KeyBank Real Estate Capital has arranged a $6.9 million FHA loan to Millennia Housing Development Ltd.

The funds will be used toward a renovation of Sherman Thompson Towers Apartments, a 151-unit affordable seniors housing community in Ironton, located along the Ohio River, which forms the border between Ohio and Kentucky.

Each of the units at Sherman Thompson Towers are designated for residents earning 30 to 60 percent of the area median income (AMI). The project was awarded tax credits by the Ohio Housing Finance Agency (OHFA).

The property was built in 1978 and has a 15-year contract that provides rental assistance to 150 of the 151 units.

Jeff Rodman of Key’s Commercial Mortgage Group and Kelly Frank of Key’s Community Development Lending (CDLI) group arranged the financing.

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