KeyBank Community Development Lending and Investment (CDLI) provided $ 34.3 million in construction and permanent financing through the HUD 221(d)(4) Mortgage Insurance program to facilitate the rehabilitation of six low-income apartment buildings in the South Shore of Chicago. Leslie Meyers and Robbie Lynn of KeyBank CDLI structured the HUD financing, and Sam Adams of KeyBanc Capital Markets marketed the bonds.

The 6900 Crandon Apartments provides 151 units for elderly and disabled residents, and the remaining five apartment buildings provide 126 units for families. The sponsor for the South Shore apartments is Evergreen Real Estate Group, a fully integrated real estate company that develops, acquires, and manages affordable and market-rate multifamily communities across 12 states.

The properties are owned by a LIHTC partnership created by the Housing and Human Development Corporation, a nonprofit public housing facility in Chicago. The project also received LIHTC and tax-exempt bond allocations from the Illinois Housing Development Authority. KeyBanc Capital Markets served as the sole manager and underwriter for the $55.1 million bonds.

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