KeyBank Provides $5M in Financing for Rosa Parks Apartments in Paterson, New Jersey

PATERSON, N.J. — KeyBank Community Development Lending and Investment (CDLI) has provided $5 million of financing for Radiant Property Management LLC, a Newark-based real estate services company.

The funds will be used to acquire Rosa Parks Apartments, a Section 8 affordable housing property for seniors in Paterson. The five-story building features 50 units.

Radiant Property Management will manage the property following the acquisition. Eric Steinberg of KeyBank’s CDLI team structured the financing.