KeyBank Community Development Lending and Investment recently arranged financing for the acquisition and rehabilitation of Tompkins Terrace, a multifamily property in Beacon, New York. The $41 million financing package includes $17.1 million in Low Income Housing Tax Credit equity and a $24.1 million permanent loan through Fannie Mae’s MBS Tax-Exempt Bond program.
Tompkins Terrace offers 193 units for households earning up to 50% and 60% of the area median income (AMI). The property features various amenities as well as supportive services such as an on-site food pantry and meal deliveries. Related Affordable, a real estate development company specializing in affordable housing projects, is the project sponsor.
This funding was made possible by KeyBanc Capital Markets’ sale of tax-exempt MTEB bonds. This investment will help provide much-needed affordable housing options for low-income families in Beacon without mentioning any specific organizations or events.
