KeyBank Secures $25.9 Million Construction Financing to Boost Affordable Housing in Los Angeles

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KeyBank Secures $25.9 Million Construction Financing to Boost Affordable Housing in Los Angeles

$25.9 Million Loan Powers Affordable Housing in Compton, California

Boosting Affordable Housing Development in Compton

KeyBank Community Development Lending and Investment (CDLI) has recently provided a significant financial boost to Compton, California, by issuing a $25.9 million loan for the construction of a 75-unit affordable housing project. This initiative, known as 1434 W. Compton Blvd LP, marks a pivotal development in the partnership between the Coalition for Responsible Community Development (CRCD) and the LandSpire Group, LLC.

A Vision for Affordable Living

The newly approved affordable housing project aims to create a three-story building with studio, one-bedroom, and two-bedroom units, all financed to support residents earning below 50% of the area’s median income (AMI). Half of the units are designated for permanent supportive housing, while the other half serves as general affordable housing.

Strategic Partnerships Fueling Growth

In addition to KeyBank’s contribution, Walker & Dunlop is providing additional LIHTC equity and Freddie Mac TEL permanent financing. This project exemplifies the collaborative efforts within the community to expand housing opportunities.

CRCD: A Force for Positive Change

Founded in 2005, the CRCD is a non-profit organization committed to enhancing life quality in South Los Angeles. With a history of facilitating over $160 million in investments, the organization has already developed 464 housing units and additional projects valued at $665 million, significantly impacting the region’s economic and social landscape.

LandSpire Group: Real Estate Innovators

Established in 2019, the California-based LandSpire Group specializes in real estate private equity and addresses housing shortages in targeted U.S. markets. With a current portfolio comprising 500 units and 400 more slated for completion by the end of 2025, the firm is a pivotal partner in addressing housing needs.

Amenity-Rich Living Environment

Expected to be completed by May 2027, the housing complex will offer various amenities, including:

Laundry facilities
Community room
Tot lot
Landscaped courtyard
Amphitheater seating
Basketball/multi-court play area
Onsite parking
Resident manager presence

Residents will also benefit from onsite social services provided by CRCD and its partners.

KeyBank: Leading Community Development

KeyBank CDLI is a national leader in financing projects that enhance community stability and growth across the United States. As a top affordable housing capital provider, its suite of financial products supports various development needs, ensuring successful project execution. It has consistently received “Outstanding” ratings on the Community Reinvestment Act exam.

KeyCorp: A Legacy of Financial Excellence

With a history traced back 200 years to Albany, New York, KeyCorp stands as one of the largest bank-based financial companies in the country. With assets nearing $185 billion and a robust network of branches and ATMs, KeyCorp supports both individuals and businesses with a wide range of services under the KeyBank name.