KeyBank Provides $48M in Financing for Affordable Development in Charlotte

CHARLOTTE, N.C. — KeyBank Real Estate Capital (KBREC) has provided a $14.3 million construction loan, $8.4 million equity bridge loan and $13.3 million Fannie Mae loan for the development of Eastway Park Apartments in Charlotte.

The community will feature 132 age-restricted units for those 55 years of age or older, with income ranging from 30 to 80 percent of area median household income. The property will be subject to an agreement ensuring ongoing affordability for at least 30 years. The developer is Harmony Housing.

Forty of the one-bedroom units will offer project-based rental assistance and veterans’ preference by way of Veterans Affairs Supportive Housing (VASH) vouchers from Inlivian (formerly Charlotte Housing Authority). The development will provide supportive services to tenants including a shuttle service to transport residents to neighborhood amenities. The development team has also contacted organizations such as Mecklenburg County, Atrium Health, the U.S. Department of Veterans Affairs, and several other neighborhood community associations to explore additional opportunities for collaboration to support the residents.

In addition to the loans, Key Community Development Corporation (KCDC) is investing $12 million of 4 percent low-income housing tax credit equity to support the development. Further funding sources for the project include an allocation from the City of Charlotte Housing Trust Fund and funding from Charlotte-Mecklenburg County.

Kyle Kolesar of KBREC’s Community Development Lending and Investment team, Tabaré Borbon of KBREC’s Commercial Mortgage Group and John-Paul Vachon of KCDC structured the financing.