KeyBank provides $41.4M to finance transformation of Pittsburgh office building

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.