June 25, 2020
KeyBank Community Development Lending and Investment (CDLI) secured $14.2 million of financing for Steele Properties to purchase and renovate an affordable housing property in San Antonio, its first in the market. Sarah Geis and Tim Gerstmann of the KeyBank CDLI team structured the financing.
Built in 1968, Pan American Apartments is a 100-unit, two-story family property that includes an early childhood education center on site that tenants can use. The property, which will undergo a significant renovation, will benefit from a project-based, HUD Section 8 rental subsidy contract on all 100 units.
KeyBank provided a tax-exempt construction and permanent bond loan. The San Antonio Housing Trust Public Facility Corporation issued the bonds. National Equity Fund provided $6 million of low-income housing tax credit equity.
Based in Denver, Steele Properties specializes in acquiring, rehabilitating and constructing affordable family, senior and disabled housing rental properties.
For comments, questions or concerns, please contact Paul Bubny