PITTSBURGH — An arm of one of the biggest banks in Pittsburgh is providing $41.4 million in financing for new affordable housing in the city.
KeyBank Community Development Lending and Investment provided a $27 million construction loan and arranged a $14.4 million Private Placement permanent loan to finance the adaptive reuse of the First & Market office building. Seaver Rickert from KeyBank CDLI and Leslie Meyers from Key’s Commercial Mortgage Group arranged the financing.
The First & Market building will introduce 93 affordable senior housing units to downtown Pittsburgh, complete with accessibility features, sustainable building practices and proximity to public transit, health care and other downtown amenities.
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