The Churchill Gateway II project aims to provide quality affordable housing in Cleveland.
KeyBank Community Development Lending and Investment has provided a $33.7 million financing package for the Churchill Gateway II affordable housing project in Cleveland. This initiative includes a $12 million construction loan, $16.1 million in Low Income Housing Tax Credit equity, and aims to create a 70-unit family housing complex. Located at 10526 Churchill Avenue, this project is part of ongoing efforts to expand affordable housing options in the region, supported by both local and state agencies.
KeyBank Community Development Lending and Investment (CDLI) has officially stepped in with significant financial backing for the Churchill Gateway II affordable housing project located in Cleveland, Ohio. This initiative aims to tackle the growing demand for affordable housing in a city where rental prices continue to escalate.
The financing package for Churchill Gateway II includes a $12 million construction loan, alongside a substantial investment of $16.1 million in Low Income Housing Tax Credit (LIHTC) equity facilitated by KeyBank. On top of this, the KeyBank Commercial Mortgage Group has successfully arranged a $5.6 million Freddie Mac permanent loan to further support this essential project.
With a total funding amounting to $33.7 million, Churchill Gateway II is set to make a lasting impact. The project has also secured an additional $1.75 million from the Ohio Housing Finance Agency, demonstrating broad support from both state and local entities.
Churchill Gateway II represents the second phase of an anchor development strategically positioned along the East 105th corridor, serving as a critical bridge between the Glenville neighborhood and the job opportunities available at University Circle. By providing high-quality affordable housing, this addition aims to revitalize and enrich the growing Glenville area.
The development will consist of one four-story building, featuring a variety of one-, two-, and three-bedroom units. A significant aspect of the project is its attention to affordability, as the income eligibility for prospective residents is capped at 30-60% of the area median income. This ensures that local families have access to decent housing without overstretching their finances.
Additionally, nineteen units within the complex will benefit from project-based subsidies, facilitating even more accessible living conditions for those who might otherwise struggle to find adequate housing.
An essential dimension of this project is the partnership with the May Dugan Center, a certified refugee resettlement agency. This collaboration will enable the organization to offer supportive services to tenants, particularly assisting refugees and immigrants in navigating the housing landscape.
The NRP Group, a Cleveland-based multifamily real estate developer recognized for its impactful work in property management, is the official sponsor for Churchill Gateway II. This firm boasts a strong reputation in the field and ensures that the project not only meets housing needs but also supports community development.
Seaver Rickert and Ryan Olman from KeyBank CDLI were pivotal in structuring the financing for this vital project, while Robbie Lynn from KeyBank’s Commercial Mortgage Group effectively arranged the permanent loan aspects. KeyBank continues to highlight its position as a foremost capital provider in the affordable housing realm and holds a remarkable track record for financing low-income housing projects across the nation.
KeyBank has displayed an unwavering commitment to community development, evidenced by its consecutive “Outstanding” ratings on the Community Reinvestment Act exam over the last 11 evaluations. The parent company of KeyBank, KeyCorp, is gearing up to celebrate its bicentennial milestone in 2025, further emphasizing its long-standing history in promoting economic stability.
As affordable housing continues to be a pressing issue in Cleveland, the funding for Churchill Gateway II stands as a beacon of hope for many local families. With rental costs on a steady rise, this development promises not only affordable living options but also a supportive network to assist potential residents in the application process.
Ultimately, the Churchill Gateway II project encapsulates the collaborative efforts required to address housing challenges in urban areas, making strides toward a more inclusive and supportive community for all residents.
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