KeyBank Community Development Lending and Investment (CDLI) provided a $4 million construction loan, $6.3 million in LIHTC equity and arranged permanent financing with a $10.1 million Freddie Mac TEL for the acquisition and rehabilitation of Salem Manor in Salem, OR. The property is an existing family affordable housing project that was at risk of being converted to market rate housing. The project sponsor, Hampstead Development Partners, Inc., is an experienced developer focused on the development, acquisition and rehabilitation and operation of affordable properties. KeyBank previously provided the acquisition bridge loan for re-syndication for Hampstead to acquire and preserve this property.
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